Wael Sawan

Turkish state energy company Botaş has signed a 10-year LNG supply agreement with Shell, with deliveries set to begin in 2027.

"Under this agreement, approximately 4 billion cubic meters of LNG will be delivered annually, totaling 40 billion cubic meters over the contract period," Energy Minister Alparslan Bayraktar said.

Shell's chief executive has told the BBC that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis.

Wael Sawan was asked about recent comments from U.N. head Antonio Guterres, who had declared it was "moral and economic madness" to invest in new fossil fuel infrastructure.

Shell net profit surged to a record $42.3 billion last year, the British energy giant said yesterday, as Russia's invasion of Ukraine sent oil and gas prices soaring.