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Shell plc (NYSE:SHEL) shares are trading lower premarket Tuesday. The company inked a 10-year LNG agreement with Turkey’s Petrol Taşıma AŞ (BOTAŞ).
As per the deal, Shell will supply BOTAŞ with up to 4 billion cubic meters of liquefied natural gas (LNG) annually from its U.S. and global portfolios, starting in 2027.
The agreement will enable BOTAŞ to broaden its LNG access and leverage its extensive terminal and pipeline infrastructure, aiding Türkiye in diversifying its gas resources and positioning itself as a significant regional gas hub.
Also Read: Shell Considers Job Cuts In Oil And Gas Workforce: Report
Alparslan BAYRAKTAR, the Republic of Türkiye's Minister of Energy and Natural Resources, said, “Our goal in natural gas, 99% of which we imported until the discovery of Black Sea Gas, is to diversify the supply side and offer natural gas to our citizens and industry in a more competitive and affordable rate. In this context, we have strengthened our infrastructure with international pipelines, LNG terminals and underground storage projects.”
According to Reuters calculations, Turkey has the flexibility to meet a significant portion of its national gas consumption with liquefied natural gas (LNG) instead of pipeline gas, thanks to a gasification capacity of approximately 0.16 bcm per day.
Notably, Shell is committed to expanding its LNG capacity by 20-30% by 2030 from its 2022 levels, which is in line with its outlined targets during the 2023 Capital Markets Day.
Last month, Shell USA, Inc. subsidiaries agreed to sell their 100% stake in the Sinco pipeline system and Colex terminal to a subsidiary of Edgewater Midstream LLC, pending regulatory approval.
Shell stock has gained around 16% in the last 12 months. Investors can gain exposure to the stock via Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:PWER) and VanEck Natural Resources ETF (NYSE:HAP).
Price Action: SHEL shares are down 2.40% at $69.94 premarket at the last check Tuesday.
Image by siam.pukkato via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
