Turkey Building First LNG Production and Storage Facility

An accomplished oil and gas executive in California, Levon Termendzhyan guides companies in the LNG, diesel fuel, and biofuels sectors while maintaining membership with organizations such as the San Francisco Global Trade Council. Also active in international markets, Levon Termendzhyan leads SBK Holdings, an umbrella company with subsidiaries in the construction, real estate, and energy sectors in Turkey.

One of the world’s fastest-growing economies, Turkey has witnessed strong growth, and its energy demands have kept pace. In recent years, the country’s energy needs have grown exponentially, and Turkey has been forced to import most of its oil and natural gas. As such, the government has been seeking ways to become more energy independent.

In May 2018, Turkey took a step toward that goal when a Turkish energy company, LNG Gaz Uretim Depolama ve Satis AS, received formal permission to construct the first on-shore LNG storage and production facilities in the country’s northern and midwestern regions. The two facilities, planned for the cities of Afyonkarahisar and Corum, will provide critical security and flexibility to the country’s energy industry.

According to company representatives, the project will cost roughly $35 million and should be completed within 18 months.