Botas pays $1.6 billion for gas shortage

Turkey has paid off debts to gas importers for shortages. State company Botas paid $777 million to Russia, $721.5 million to Iran and $103.2 million to Azerbaijan according to the take or pay formula, Trend reports.

Botas will continue using the formula to pay Iran for 5 more years and Russia and Azerbaijan for 4 years.

Botas imported over 39.7 billion cubic meters of gas in 2011 and about 32.5 billion in 2010. Botas exported 349 million cubic meters of gas in January-July 2012 and 421 million in January-July 2011. 726 million cubic meters were exported in 2011 and 660 million in 2010.