As Turkey Shunned Russian Gas, Its Companies Amassed Debt

A string of Turkish companies have accumulated debt of about $2 billion to Russian state energy giant PAO Gazprom, according to people familiar with the matter, liability that could hinder Ankara’s drive to reduce its reliance on Russian natural gas, in part by boosting imports from the U.S.

Seven private Turkish companies, which have committed to buying large annual amounts of gas from Gazprom under long-term “take-or-pay” contracts, purchased less than 15% of agreed volumes last year, and failed to meet payment obligations…

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