Gazprom took off in Turkey, and Azerbaijan almost lost to the United States

In the first half of the year, Gazprom increased gas supplies to Turkey to the highest levels since 2022. The jump in fuel consumption in the country has led to an increase in purchases from almost all suppliers. At the same time, imports from the United States almost bypassed supplies from Azerbaijan. As a result, the share of the Russian company in the Turkish market has increased, while that of Azerbaijan has decreased.

In January-June, Gazprom increased gas supplies to Turkey by more than 25%. If in the first half of last year exports amounted to 8.69 billion cubic meters, this year — 10.96. The Russian company has increased deliveries to the highest since 2022. This is evidenced by the data of the Turkish regulator EPDK.

The main reason was the growth of gas purchases abroad for electricity production. Due to the drought in Turkey, the capacity of hydroelectric power plants has fallen. Imports to the country increased by 25% in six months to 29.61 billion cubic meters.

In this situation, Gazprom managed to increase its share in the Turkish market. In total imports to the country, it amounted to 37%. The company actively sells volumes both on long-term contracts and on spot.

But the second largest supplier, Azerbaijan, almost lost its place to the United States. Imports of Caspian gas also increased, but by less than 2.5%. And the share of Azerbaijan with increased total purchases decreased to 19%.

Who received the biggest increase in exports is American LNG. Its supplies to Turkey more than doubled, mainly in winter, and amounted to 5.45 billion cubic meters in six months. As a result, the United States gained a share of 18% and almost outstripped Azerbaijan.

Obviously, American supplies can bypass the Caspian ones in one day. However, this will be a one-time event. LNG from the USA serves as a balance fuel, which is purchased if additional volumes are needed, while almost all Azerbaijani gas is supplied under long-term contracts.

If almost all major gas suppliers to Turkey increased supplies, Iran again reduced them. This has been happening for the second year in a row. Deliveries for six months dropped to 2.9 billion cubic meters, although in 2022 they amounted to 4.44 billion cubic meters.

As reported by EADaily, Gazprom showed a profit in the first half of the year under IFRS of almost a trillion rubles. The stop of Ukrainian transit was compensated by higher prices in Europe and an increase in supplies to China and Turkey.