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The Energy Market Regulatory Authority (EMRA), the natural gas futures market with natural gas futures contract can be bought and sold in Turkey (VGP) came to an end in the work to be created. While the VGP, which opens next year, allows publicly traded natural gas players to pre-buy and sell gas from the Black Sea, which is planned to be introduced into the system in 2023, this is expected to have a positive impact. in prices.
Turkey, September 1, 2018, which is the first time that the sale of natural gas from the organized wholesale market (OTSP) has been commissioned. In 2 years, 3,200 million cubic meters of natural gas were traded on the natural gas exchange, which was established by EMRA and the legislative infrastructure was established by Energy Markets Management Inc. (EPİAŞ), and a transaction volume of approximately 4.7 billion TL.
During this period, the average gas reference price stood at the level of 1460 lira per thousand cubic meters.
It discovered 320 billion cubic meters of natural gas in the further development of Turkey’s natural gas market by introducing a standby discovery system. EMRA began its studies on the effects on the Black Sea market.
In this context, a draft has been prepared for the establishment of the Natural Gas Futures Market (VGP), which is scheduled to be operational in 2021. The relevant parties met to deliver the final version of the draft and send it to the board of EMRA for approval. The parties evaluated the types of products, terms and other details to be processed in the VGP.
– What will the VGP bring?
VGP, natural gas players operating in the natural gas market in Turkey as a market can buy and sell futures contracts until 2021 will be in business. With the launch of VGP, its aim is to ensure market predictability, while eliminating the risks arising from price uncertainty.
With VGP, it is planned to increase depth and liquidity in the market, provide flexibility for market players to adjust their positions, and contribute to security of supply by minimizing forward-looking uncertainties.
It will also contribute to the reduction of the Turkish natural gas trading center for the realization of the goal of becoming an important role in the step of the activity in 2021 is expected to play vgp’n residential and industrial consumers of energy costs.
– “Turkey is one step closer to its goal of becoming the commercial center of natural gas”
EMRA President Mustafa Yılmaz noted that the VGP will open in 2021 and said: “Players listed on the natural gas exchange with the VGP will have the opportunity to buy and sell domestic natural gas, which is planned to be introduced in the system in 2023, through futures contracts. Therefore, we will see the positive effect of our Black Sea gas on natural gas prices even before production starts. ” said.
Yılmaz stated that they will be activated as EMRA in the phase of delivering the natural gas from the Black Sea to the system after its production and commercialization.
“The required licenses and regulations will make doing the job in the most economical way for our natural gas domestic heat offered to our consumers, we hope. Both discoveries will be one step closer to its goal of becoming the natural gas commercial hub. of Turkey with both VGP. Our natural gas market is already in a very good point, but It is a special pleasure to discover our own natural gas in this process, and we will be proud to be the regulator of our own natural gas. On this occasion we celebrate the second year of our natural gas exchange, and the public who contributed and contributed to this process, especially our Minister, and I thank all the representatives of the private sector. “
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