Turkish state-owned energy company BOTAŞ has signed a memorandum of understanding with its Italian counterpart Edison to explore potential cooperation opportunities in the natural gas and liquefied natural gas (LNG) sectors.

BOTAŞ said in a statement that the agreement "provides an assessment of opportunities for supplying natural gas and LNG, as well as joint commercial prospects," according to Reuters.

Gas prices in Europe are rising as oil prices climb amid renewed war fears.

The

company added that a joint working group will be formed to study the technical, commercial, and regulatory aspects of a potential project to link hydrogen-compatible natural gas networks between Turkey and Italy.

BOTAŞ explained that the goal of the strategic partnership with Edison is to significantly contribute to the development of both Turkey and Italy, strengthen ties within the Mediterranean basin, and ensure the region's energy security.

Turkey

is looking to extend its liquefied natural gas (LNG) agreement with Algeria before it expires in September 2027, according to Turkish Energy Minister Alparslan Bayraktar. The

Turkish state-owned energy company BOTAŞ and the Algerian state-owned oil and gas company Sonatrach signed the first gas supply contract in 1988, and it has been regularly extended ever since.