Turkey will be extending government support for the massive project to develop the natural gas field it discovered in the Black Sea, according to a presidential decree Wednesday.
The state energy company Turkish Petroleum Corporation (TPAO) project will be provided tax cuts, the country’s Official Gazette said. The project’s total fixed investment stands at around TL 145.1 billion ($9.9 billion) and will last for 11 years, it noted.
Turkey is building an industrial complex that will process the gas the country discovered in the Sakarya gas field, located some 150 kilometers (93 miles) off the coast of Turkey in the Black Sea. The facility is expected to be operational in the first quarter of 2023.
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