Middle East Economic Survey


No 51-52



Turkey Looks To Avoid Gas Take-Or-Pay Contract Fines

Turkey is looking to avoid paying hundreds of millions of dollars in potential fines under gas take-or-pay contracts because of an 18% drop in consumption during 2009. A Turkish Ministry of Energy official told reporters last week that the minister has informed Russia and Iran that the payment may be delayed and negotiations are continuing to try and reach a mutual agreement....