A second floating storage and regasification unit (FSRU) for 263,000 cubic meters of liquefied natural gas (LNG) is scheduled to be operational in November with aims to contribute to the country's energy supply security.

According to information obtained by Anadolu Agency (AA) from Turkey's Energy and Natural Resources Ministry, another important project to improve the security of Turkey's natural gas supply will soon come to fruition, in accordance with the National Energy and Mining Policy.

After Turkey's first FSRU became operational in late December 2016, a leasing agreement was signed between Turkey's Petroleum Pipeline Corporation (BOTAŞ) and Japanese transporter company Mitsui OSK Lines (MOL) for the second FSRU.

The floating unit is expected to be operational in November and will help meet the increasing domestic demand for natural gas.

The floating terminal will also help to ensure resource diversification with the advantages of the swiftly rising global LNG market. The second FSRU vessel will be 345 meters long and have a capacity of 263,000 cubic meters for LNG storage, meaning that the vessel will be able to store 167 billion cubic meters of gas that will be ready for immediate use when the vessel is full. The unit will be able to compress 21 million cubic meters into the system per day.

The terminal will be located in the Mediterranean Sea and is expected to alleviate the risks to the natural gas supply which emanate from systemic problems or relations with exporting countries.

Turkey's regasification capacity from LNG was 34 million cubic meters in 2015. The capacity increase at the Egegaz Terminal in 2016 and the integration of the first FSRU into the system increased that capacity to 64 million cubic meters.

As part of ongoing operations for capacity expansion at the LNG terminals at Egegaz and Marmara Ereğlisi, the figure will nearly double, reaching 117 million cubic meters.

Energy and Natural Resources Minister Berat Albayrak previously announced that the second FSRU will enter the system by the end of the year, as Turkey aims to solidify natural gas supply security.

Highlighting that significant steps have been taken to expand the country's LNG capacity, Minister Albayrak said the global LNG market will reach a new level in the near future with the diversification of supply channels. The competition, he said, signifies important cost advantages, adding that Turkey will increase LNG capacity to a greater extent with two more FSRUs.

The first FSRU, the GDF Suez Neptune, has a storage capacity of 145,000 cubic meters of LNG and can supply over 5.3 billion cubic meters of gas annually to the national system.

Elsewhere, BOTAŞ and the world's biggest LNG producer Qatar's Qatargas signed a medium-term sales and purchase agreement last week.

Qatargas said it would deliver 1.5 million tons of LNG per annum to Turkey for three years, under the terms of the agreement.

"We are very pleased to announce this new agreement with BOTAŞ, which will further strengthen our relationship with our friends in Turkey," Saad Sherida al-Kaabi, the president and CEO of Qatar Petroleum said.

Kaabi added that as the LNG market continues to evolve, Qatar's ability to capture new opportunities is again evident in the latest agreement.

"This deal reflects the deep confidence that our customers around the world [have] in our capabilities as a reliable supplier of LNG [and] to satisfy their requirements," he said.

Khalid Bin Khalifa al-Thani, the CEO of Qatargas, said: "[Qatargas] is delighted to announce this multi-year deal with BOTAŞ - a valued customer with deep expertise in the LNG industry. Our relationship with BOTAŞ has evolved from supplying spot cargoes to the current medium-term deal, and we look forward to providing BOTAŞ with reliable, clean energy for many years to come."

The LNG will be delivered on-board Q-Flex vessels to either the Egegaz LNG terminal, Marmara LNG terminal or the Etki LNG terminal.

BOTAŞ and Qatar's national oil company signed a memorandum of understanding for long-term LNG trade in December 2015.

Turkey's total LNG consumption is 55 billion cubic meters per year, most of which is imported from Qatar with some imports from Algeria and Nigeria.