Turkey Is A Powerful Actor in The Region
From Turkey Oct 02, 2020
Natural gas reserves discovered around the Black Sea will contribute to the energy independence of Turkey.
President Recep Tayyip Erdoğan recently announced the natural gas reserves found off the coast of the Black Sea. The natural gas reserves are now the biggest ones discovered in Turkey. Talking on the subject, Istanbul Medipol University Business School Faculty Member Assoc. Dr. Serhat Yüksel stated that Turkey’s energy needs are largely supplied from abroad and said, “We import around 89% of our oil needs and 99% of our natural gas needs. This poses a risk for our country both politically and economically. And we pay for this imported energy with foreign currency. The higher the exchange rate gets, the greater the amount of money you pay for your energy. And this adversely affects the current balance of your country.”
Turkey can now supply its own energy needs
Stating that Turkey’s annual natural gas consumption is 50 billion cubic metres, Yüksel said that the newly found reserves can supply 6 or 7 years of natural gas needs of the country. Pointing out President Erdoğan’s announcement about the availability of the reserves to the public in 2023, Yüksel continued that, “This will surely contribute to the energy independence of our country. Turkey can now search and extract its own energy resources. Turkey is now one of the most powerful actors in the region with its national energy policy.”