This sharp downward revision in Turkeys projected Natural Gas demand means that Turkey has signed contracts for far more natural gas than it is expected to need. To date, Turkey has signed deals for around 1.8 Tcf per year of natural gas imports in 2010, more than 25 percent above the Botas forecast for Turkish gas consumption (1.4 Tcf) in that year. Currently, about 1.1 Tcf of gas comes from Russia (0.7 Tcf), Iran (0.2 Tcf), plus Algeria and Nigeria combined (0.2 Tcf) in the form of liquefied natural gas (LNG). Turkey has one 112-Bcf/year capacity LNG terminal, adjacent to the existing Marmara Ereglisi combined cycle gas turbine power station. By 2010, over 31 percent of Turkeys gas imports are to be supplied from Russia via the Black Sea , more than 27 percent from Russia via Bulgaria, about 19 percent from Iran, about 13 percent from Azerbaijan, and the remainder from Algeria and Nigeria. Under the take-or-pay provisions of natural gas supply contracts with countries like Iran and Russia, Turkey theoretically could be forced to pay cash penalties of up to $1 billion per year if it fails to purchase contracted gas. In this context, Turkish energy officials have discussed the possibility of storing surplus natural gas in underwater depots beneath the Sea of Marmara or under the Salt Lake (Tuz Golu) in central Anatolia.If Turkish demand does not support the level of natural gas imports for which it has contracted, Turkey could become an important transit center for natural gas exports to Greece and beyond. Along these lines, Greece and Turkey signed a binding agreement in December 2003 which calls for extending an Azerbaijan-Turkey natural gas Pipeline into Greece. Reportedly, the 177-mile-long pipeline would connect Ankara to Alexandroupolis in northern Greece, would supply around 18 Bcf of gas per year starting in 2006, and would cost around $250 million. After that, natural gas could be transported to Central and Western Europe via Bulgaria or via an undersea pipeline to Italy, where gas demand -- especially for electric power generation -- is expected to grow rapidly in coming years.