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short-term bonds, but it seems comfortable with its FX-debt load, which causes significant jumps in lira terms over currency depreciation.
The incumbent finance minister, Lutfi Elvan, appointed last November, has been heavily praised for being “orthodox”.
Currently, the foreign investors’ share in Turkish domestic bonds is below 5%. The finance ministry does not even put its domestic borrowing programme on its English website anymore.
Since 2019, it has been hard to describe the local domestic government bond market as a functioning market
Nevertheless, the government has absolute control over the local finance industry and has no problem with domestic borrowing.
7.0 Industry & Sectors 7.1 Sector news
7.1.1 Oil & gas sector news
In February, Iraq was the largest supplier of oil to Turkey at 738,000 tonnes, followed by Russia at 573,000 tonnes. A total of 434,000 tonnes derived from Kazakhstan.
Turkey relies on imports to meet more than 90% of its oil and natural gas demand.
The overall volume of oil-indexed long-term natural gas contracts that will expire in 2021 is 15.9bcm.
For 2021, Gazprom has budgeted with a $170 price for Europe, up $44 y/y.
In June 2020, Gazprom’s Europe price fell to $82 while its sale price to Turkey’s government-run pipeline operator Botas stood at around $228 in Q2 2020.
For Q2 2021, it was estimated that Gazprom’s Botas price would rise to $182 from $165-170 in Q1 and $173 in Q4 2020.
37 TURKEY Country Report June 2021 www.intellinews.com