Turkey to Swap Electricity for Natural Gas

Turkey is planning to sell electricity to Iraq in exchange for natural gas. For the purpose, Turkey is expected to build a power station near the northern Iraqi border. Import of natural gas is likely to be carried out by the company which wins the tender.

Turkey is also looking to diversify its energy imports and is looking to find alternate sources of natural gas imports, media reports said quoting Turkey's energy and natural resources minister Taner Yildiz.

Yıldız also said that Turkey had signed a special deal with Gazprom and that no matter how much of a price hike the Russian firm implemented on natural gas to Europe, Turkey would not be affected for the duration of the agreement.