In a significant development for energy cooperation, Turkiye has successfully secured an extension of its liquefied natural gas (LNG) agreement with Algeria for an additional three years. This pivotal extension was finalized during Turkish President Recep Tayyip Erdogan’s official visit to Algiers, symbolizing a strengthening of bilateral relations between the two nations, Turkiye-Algeria LNG Agreement.
State-owned Turkish energy company Botas and the Algerian national oil and gas company Sonatrach have reaffirmed their long-standing partnership with this agreement. The deal ensures the continued supply of 4.4 billion cubic meters of Algerian LNG annually to Turkiye, a country heavily reliant on energy imports due to its limited domestic oil and gas reserves. Turkiye diversifies its energy sources by importing from various countries, including Russia, Azerbaijan, Iran, Qatar, the United States, and Nigeria, with Algeria playing a crucial role in this energy mix.
The recent visit by President Erdogan to Algeria, where he co-chaired the second meeting of the Turkiye-Algeria High-Level Cooperation Council with Algerian President Abdelmadjid Tebboune, marked a milestone in bilateral relations. The visit not only secured the LNG deal but also led to the signing of twelve agreements across different sectors, reflecting a multifaceted partnership.
This extended LNG contract, originally established in 1988 and set to expire next year, will now continue until 2027. This extension is a testament to the enduring and mutually beneficial relationship between Turkiye and Algeria in the energy sector.
The economic implications of this strengthened alliance are significant. President Erdogan highlighted the record trade volume of $5.3 billion achieved last year between the two countries, projecting an increase to $6 billion by the end of this year. Both leaders have expressed optimism in reaching a trade volume of $10 billion in the near future, setting an ambitious target that reflects the growing ties and cooperation between Turkiye and Algeria.
For more details on this important development in Turkiye-Algeria relations, visit dzwatch.net. Turkiye-Algeria LNG Agreement .
