With its initiatives in the energy sector, Türkiye aims to become a global hub for determining natural gas reference prices, the country's president said on Friday, Ednews reports citing Yeni Safak.

"Our aim is to transform our country into a global center where the natural gas reference price is determined as soon as possible," Recep Tayyip Erdogan said at a ceremony marking the completion of a project to expand a subterranean gas storage facility near Istanbul.

The country's northwestern region of Thrace bordering both Greece and Bulgaria will become and especially important hub for both natural gas and liquefied natural gas (LNG) with the increasing capacity of LNG and underground gas storage, he added at the event in the district of Silivri.

Erdogan said that Ankara was in contact with Moscow, a major natural gas producer and exporter, underlining that they would take the necessary steps to make Türkiye an energy hub.

Also highlighting the importance of storage facilities as European countries faced the prospects of energy shortage, Erdogan said that with its expansion, the Silivri Underground Natural Gas Storage Facility was now the largest in Europe with a capacity of 4.6 billion cubic meters.

Erdogan and his Russian counterpart Vladimir Putin had discussed how the countries work jointly on building a natural gas hub in Türkiye's Thrace region.

After talks with his Russian counterpart Vladimir Putin earlier this year, Erdogan had announced that Ankara and Moscow would work together on building a natural gas hub in Thrace after a proposal from Russia.