Take-or-pay gas supplies may swamp Turkey's demand

While it may have alleviated its oversupply problems for 2003, Turkey's take-or-pay contracts for natural gas are likely to outstrip its projected demand by 20% in 2006, said analysts at Merrill Lynch & Co. Inc.The mismatch between Turkey's market for natural gas and its growing contractual supplies "looks to reach disproportionate levels from 2004," said Merrill Lynch analysts in a July 21 report. They project a take-or-pay surplus "of some 1-3 billion cu m over the next couple of years," growing to as much as 8 billion cu m in 2006-08."Without a recovery in demand, the pressure remains on Botas [Turkey's state pipeline company] either to seek to renegotiate the terms of cont...

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