The creation of an electronic gas trading platform in Turkey might be completed in 2024, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said at a plenary session of the St. Petersburg International Gas Forum on Wednesday.

"We're speaking of setting up a gas hub at the Istanbul financial center. All of this is a good opportunity and an incentive for all parties, including traders, brokers, and other actors. If we work together with our partners along this avenue, I think we could complete this initiative in 2024," Bayraktar said.

Launching a new gas trading mechanism could take about one year, and Turkey is currently continuing negotiations on setting up the platform with PJSC Gazprom (MOEX: GAZP) and other partners, he said.

Russian Energy Minister Nikolai Shulginov said that the establishment of a gas hub in Turkey is "no more than just an alternative platform."

"There's been a proposal, including from the Russian side, as to what should be done at this platform and what results should be received. All of this is still being worked on," he said.

As reported, Russian President Vladimir Putin proposed in October 2022 that additional gas pipelines be laid from Russia to Turkey along the Black Sea floor and a gas hub be created near the EU border as an alternative to other centers forming gas prices in Europe.

Gazprom reported that it was working jointly with its Turkish partners on setting up a gas hub in that country. Russia has presented its concept of the facility, as well as the parameters and principles for its operation.