Natural gas

British petroleum giant BP has started operating a $28-billion pipeline in Azerbaijan to supply gas to Turkey and elsewhere in Europe, the company said July 2.    

Natural gas prices will increase from July 1 with 10.8%, energy regulator KEVR reported, quoted by bTV.

Preliminary estimates show that this will lead to an average of 7% more expensive central heating and hot water from next month.

Because of the rise in natural gas prices, it is not excluded that the price of electricity may increase by more than initially projected 2%.

Turkey's ever-growing energy industry continues to draw investments from international institutions. The World Bank and Asian Infrastructure Investment Bank (AIIB) have provided a $1.2 billion loan for the capacity expansion project of Lake Tuz underground natural gas storage facility, the Energy and Natural Resources Minister Berat Albayrak announced yesterday at a ceremony in Ankara.

The United States has expressed very strong support for the trans-Anatolian Natural Gas Pipeline Project (TANAP) that will carry natural gas from Azerbaijan to the European continent via Turkey, describing the $8.5 billion-worth project as a strong addition to the energy security of regional countries, including Europe. 

National gas transmission company Transgaz announces having kicked off on Monday the construction of the BRUA pipeline, a project of national interest, namely Phase I, according to a press release by the Ministry of Economy.

The profit of Russian energy giant Gazprom has reached its highest level in three years thanks to increased blue-fuel sales in Europe. Bloomberg reported.

Croatia's parliament is set to vote on Friday, under urgent procedure, on the Law on Liquefied Natural Gas, popularly called the "Lex LNG" - whose main purpose is to speed the building of floating terminal to receive liquefied natural gas on the island of Krk.

French energy company Total says it is looking to expand its search for natural gas off Cyprus' south coast and seeks to secure another exploratory drilling license, days after warning it could exit Iran over renewed U.S. sanctions there, as reported by The Associated Press. 

A high-ranking official with Total says the French energy company is looking to expand its search for natural gas off Cyprus's south coast.

This is because the project is "important to ensure the security of supply of both Serbia and Bulgaria and the entire region," the government quoted Brnabic as saying on Monday.