Algeria's national hydrocarbon company Sonatrach and Turkish Petroleum Pipeline Corporation (BOTAS) extended a natural gas supply agreement for another five years to supply gas to Turkey, Ahmed Mazighi, Sonatrach's vice chairman told Anadolu Agency on Tuesday.
Mazighi confirmed that the natural gas supply agreement was renewed on July 31 and now spans from Oct. 1, 2019 to Oct. 1, 2024.
Turkey is an important market for Sonatrach, Mazighi noted, adding that the company is ready to increase cooperation with both BOTAS and other Turkish firms in the future.
According to BOTAS's 2016 sector report, Turkey was importing 4.4 billion cubic meters (bcm) of gas per year from Algeria. This volume will rise with the renewed agreement to some 5.4 bcm per annum.
Turkey consumed nearly 46.4 bcm of natural gas in 2016, according to the Energy Market Regulatory Authority's (EMRA) yearly Natural Gas Market Sector Report, out of which Algeria holds nearly a 9.4 percent share.
Reporting by Hasan Cibril in Algeria
Writing by Ebru Sengul