Bloomberg: Gazprom has abandoned the Turkish hub

Gazprom has abandoned the idea of creating a gas hub in Turkey. This is reported by Bloomberg, citing sources.

Gazprom has abandoned the idea of a Turkish hub, as Turkey wants to control trade, and the region's infrastructure limits supply capacity.

"As Gazprom studied the details of Turkey's proposal, the company lost interest more and more. Turkey planned to sell the gas supplied to the hub on its own, and Gazprom would act only as a supplier," sources told Bloomberg.

According to them, Gazprom is not interested in providing such control over its gas.

At the same time, one of the agency's interlocutors said, the capacity of gas pipelines from Turkey to Greece and Bulgaria are too limited to provide additional supplies to Europe.

"Such a limited capacity of cross—border flows undermines the prospects of creating a full-scale Turkish hub with its own price index," the agency's source said.

According to Bloomberg, Gazprom's management has long stopped discussing the Turkish hub both within the company and at meetings with government officials.

"Turkey's position regarding plans to create a gas hub has not changed, and it is still ready to cooperate with Russia within the framework of a joint venture to implement this initiative," a Turkish source told the agency.

As EADaily reported, due to sanctions, counter-sanctions and sabotage, Gazprom has one route left for gas exports to Europe — via the European Turkish Stream line. For several years now, the project has been operating at over-design capacity.