BAKU–Azerbaijan has more than doubled the price of natural gas it sells Turkey, raising it from $120 per 1,000 cubic meters to about $200-$250 for the same amount, reported the Azeri Today.az news portal.
The two countries had been in intensive negotiations on the price and volume of the natural gas Azerbaijan exports to Turkey.
The current price Azerbaijan charged Turkey was substantially lower than that offered by other suppliers. According to a 1996 contract signed by Baku and Ankara, Turkey is entitled to
6.6 billion cubic meters of gas per year from Azerbaijan’s giant Shah Deniz field. The contract stipulates that the signatories can revise the price to accommodate changing market realities.
According to the Turkish Haber7 newspaper, Azerbaijan and Turkey have agreed on the price hike but are still in talks on the increased volume of natural gas from Shah Deniz Phase 2.