The total capacity of the floating storage will be 180,000 cubic meters (over 47 million gallons), with the project enjoying all customs and tax benefits, Turkish newspaper reported.
Botas is planning to implement the project via its foreign subsidiary, importing machinery and equipment worth $399 million, the report said, adding that the decision to build the floating regasification unit was made after the discovery of gas reserves in the Black Sea, which are currently at the trial extraction stage.
In 2020, a huge gas field with an estimated 540 billion cubic meters was discovered in the Black Sea off the Turkish coast. Turkish President Recep Tayyip Erdogan said it was the largest gas field in the country, adding that the total amount of natural gas in the Black Sea reached 710 billion cubic meters and was worth $1 trillion on the international markets.