(MENAFN - Kuwait News Agency (KUNA)) Algeria and Turkey on Saturday agreed to extend the contract on Algerian gas exports to Turkey for another 10 years until 2024.
Under the deal Turkey imports up to four billion cubic meters of liquefied natural gas (LNG) a year, Turkish Minister of Energy and Natural Resources Taner Yildiz said in a joint press meeting with Algerian Minister of Energy and Mining Youcef Yousfi here.
The deal was first signed in 1988 and took force in 1994 with a 20-year term ending in 2014, he noted.
Meanwhile, Yousfi said the Algerian LNG exports to Turkey could increase to six billion cm. annually in the coming years in case the output increases.
"The robust economic growth in Turkey drove up the country's needs of energy in the recent years," he said, noting that Turkey's needs of LNG could double four times in the decade ahead.
The Algerian minister expressed desire to double the trade volume with Turkey from USD four billion at present to USD 10 billion.