Gazprom, Turkish energy minister discusses "current and emerging issues" ahead of contract expiration

Gazprom CEO Alexei Miller and Turkish Energy and Natural Resources Minister Alparslan Bayraktar held a working meeting on the sidelines of the St. Petersburg International Gas Forum, as per Interfax.

They "discussed current and emerging issues of cooperation in the gas sector," the Russian gas giant reported. "It was noted that reliable supplies of Russian gas to Turkish consumers make a substantial contribution to supporting the country's energy security," Gazprom said.

The company supplies gas to Turkey through the underwater Blue Stream and TurkStream pipelines across the Black Sea.

The contracts with state company Botas for the delivery of 16 billion cubic meters of gas per year through Blue Stream and 5.75 bcm through TurkStream expire in 2025. Agreements with some private Turkish importers also expire at the end of 2025 or beginning of 2026.

Speaking at the plenary meeting at the forum on Thursday, Bayraktar noted Turkey's investments in renewable energy and stressed the potential of wind, solar and nuclear energy.

Speaking about gas, Bayraktar noted the long-time reliable supplies from Russia, but said supply on the liquefied natural gas (LNG) market has been growing since 2016 and Turkey has started investing in LNG regasification infrastructure. The country has now quintupled its regasification capacity to 161 mcm per day.

The minister said earlier that gas from the United States is the second most attractive for Turkey in terms of price after gas from Turkmenistan.

mrchub.com

Gazprom and the government of Belarus signed a roadmap for cooperation in the period 2025-2030 on the sidelines of the Petersburg International Gas Forum, the Russian gas giant's press office said, as per Interfax.

Gazprom CEO Alexei Miller and Belarusian Deputy Prime Minister Viktor Karankevich signed the document.

"The roadmap's purpose is to develop cooperation in the fuel, energy and industrial sectors, broadening the use of Belarusian manufactured products at Gazprom enterprises, promoting the production of modern machinery and equipment for the energy industry and increasing the level of technological cooperation," the company said.

Karankevich said earlier during a panel session at the forum that Belarus had forged close and constructive relations with Gazprom in various fields, from the development of the gas sector to manufacturing innovative import-substitution products. "Belarusian-Russian relations in the gas sector are key to strengthening the Union State's energy security," he said.

"Gazprom, with which we have a long-standing partnership of trust, provides reliable and uninterrupted supplies of natural gas to Belarus in the necessary volumes. Belarus, as a reliable partner, ensures the timely and complete fulfilment of obligations to supply this gas," Karankevich said.

mrchub.com

The Taiwan government has stated that private refineries are ready to stop purchasing Russian naphtha if the EU requests it, Reuters reports.

Taiwan's National Development Council Minister Gong Ming-hsin made this statement in an interview with Reuters.

The statement came after a group of non-governmental organizations, including the Center for Research on Energy and Clean Air (CREA), criticized the island's continued business relations with Russia. Despite Taiwan joining the United States and major Western allies in imposing sweeping sanctions against Russia in 2022, the country has not explicitly banned energy imports.

Therefore, although Taiwan's state-owned companies stopped importing Russian oil in 2023, there are no restrictions on private companies continuing to do so.

Specifically, the country's government, led by Minister of Economy Gong Ming-hsin, held discussions with Formosa Petrochemical, which continues to purchase Russian naphtha, as well as with representatives of the European Union, to gather their opinions.

"We can only discuss this with our private companies, and they are ready to comply. If the EU says there will be no more purchases next year, then our companies will no longer purchase them either," Gong Ming-hsin responded when asked whether Taiwan would stop purchasing naphtha from Russia.

Russian naphtha remains the cheapest feedstock for Formosa at a time when petrochemical producers are struggling with losses, but continued imports are drawing close attention from Ukraine's supporters.

"Formosa holds open bids for naphtha purchases through our tenders. Therefore, we don't buy it directly from Russia, but we select the lowest-priced offers on the open market, and Russian naphtha has always been competitive. Russian naphtha is cheaper than most naphthas, say, in the Middle East or India. However, for the October delivery, we didn't buy anything Russian because there were no offers," Formosa spokesman K. Yu. Lin told Reuters.

In the first nine months of 2025, Taiwan imported 75,000 barrels per day of Russian naphtha, compared to 71,000 barrels per day in 2024, according to shipping company Kpler. According to the calculations presented, Russia supplied Taiwan with USD 1.3 billion worth of oil over the past six months.

As previously reported, Formosa Plastics (USA) announced the commissioning of North America's largest horizontal polypropylene reactor at its Point Comfort, Texas, plant. The facility has an annual capacity of 550 million pounds (approximately 249,000 tons). The new unit is based on Japan Polypropylene (JPP) technology and can produce a wide range of resins, including homopolymers, random copolymers, and high-impact copolymers.

mrchub.com

Oil supplies from Russia to Pakistan are sporadic with the country's oil refineries are geared to lighter crude blends, Pakistani Petroleum Minister Ali Pervaiz Malik told journalists on the sidelines of the St. Petersburg International Economic Forum, as per Interfax.

"There are five or six oil refineries in Pakistan, and they are already working with trial cargoes from Russia. Since Russian oil is quite heavy, and Pakistani refineries are used to lower-sulfur varieties, in particular, from the Middle East, we try to mix it with other crudes and optimize production plans," Malik said.

He said Pakistani refineries continued to work with Russian suppliers to identify their needs.

"If you ask about the number of ships and cargoes we received, I think one or two were processed by Pakistan Refinery Limited, and three or four more by Cnergyico. But this is sporadic rather than the norm, because of the problems I told you about. We are adjusting the properties of the oil, and as soon as we have an understanding, I think it will be possible to guarantee more stable supplies," the minister said.

He said there were no problems between the two countries in settlements for oil. Pakistan expects to say finally how much oil it needs during the intergovernmental commission, which should be held before the end of the year.

But he also said working with heavy grades of oil would lead to an increase in fuel oil production. This may become an obstacle to the import of Russian oil due to the country's obligations to the International Monetary Fund.

mrchub.com

German chemical company BASF will sell a majority stake in its BASF Coatings coatings business to funds managed by the Carlyle Group and the Qatar Investment Authority, said the company.

The transaction, subject to regulatory approval, is expected to close in the second quarter of 2026. The company will retain a 40% stake in the business and receive approximately €5.8 billion, according to Carlyle.

BASF Coatings produces and markets advanced, sustainable automotive coatings for OEM and refinish applications, as well as surface treatments for metal, plastic, and glass across a wide range of industries. It operates in Europe, North America, South America, and the Asia-Pacific region. In 2024, the company's sales were approximately €3.8 billion.

"Working closely with management, Carlyle will support the business's future growth by investing in its commercial potential, innovative portfolio, and organizational structure to enhance customer focus. Carlyle will leverage its extensive experience and strong track record of successfully spinning off industrial and chemical assets, building on its previous investments in Axalta, Atotech, and Nouryon," the document states.

Previously, BASF closed the sale of its Brazilian decorative paints business. The transaction price was $1.15 billion on a debt-free and cash-free basis.

mrchub.com