Russia’s Gazprom PJSC has quietly shelved plans to develop a new gas distribution hub in Turkey, closing the door on a potential opportunity to regain a foothold in European markets lost since the invasion of Ukraine.
With the Nord Stream pipelines to Germany out of action and gas transit through Ukraine set to expire in 2024, Gazprom had been studying Turkey — already connected to two major Russian pipelines — as a way back into Europe, which used to be its largest export market. But after months of considering options, the company concluded it wasn’t viable and has largely halted the work, said people familiar with the matter.