ExxonMobil (XOM) Negotiates Massive LNG Deal With Turkey [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
The deal, potentially lasting a decade, would involve Turkey purchasing up to 2.5 million tons of LNG annually from ExxonMobil, marking a significant shift in its energy procurement strategy. This negotiation is part of Turkey's broader initiative to build a new supply portfolio to decrease its reliance on any single energy partner. The move comes at a critical time when Russian energy exports to Europe are declining due to the ongoing conflict in Ukraine, prompting European nations to look for alternative energy sources. Turkey, which has limited domestic oil and gas reserves, heavily depends on imports, primarily from Russia, Azerbaijan and Iran, supplemented by LNG imports from Algeria, Qatar, the United States and Nigeria. The potential agreement with ExxonMobil is poised to enhance Turkey's energy security and supply stability. Financially, the 2.5 million tons of LNG under discussion would represent approximately 7% of Turkey's total natural gas consumption based on 2023'
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