Discount on natural gas imminent: Turkish Energy min.

ANKARA (AA) - Turkish government will be able to apply a genuine and substantial discount on natural gas prices before the winter after Turkey and Iran's arbitration case is concluded in September, Energy Minister Berat Albayrak said on Friday.

Speaking in a TV interview following the declaration of state of emergency after Friday's failed coup, Albayrak said that they are consistently working to secure the country's energy supplies.

In 2012, Turkey applied to the International Court of Arbitration against Iran for overpricing on gas to Turkey during the four-year period between 2011 and 2015. The court ruled in favor of Turkey in February 2016 and ordered that both parties agree on a reduction between the rates of 13.3 percent and 15.8 percent in the price of Iranian gas exports to Turkey. It is expected that the two countries will reach a decision in September 2016.

The minister added that they are working intensively to minimize repercussions of the attempted coup on the Turkish economy.

Albayrak noted that an extensive economy package is being prepared which will come onto the parliament's agenda in one month's time.

"From tax breaks to incentives for both foreign and domestic investors, serious facilities and regulations will be put in place. You will see that in just a couple of weeks when very important regulations will be enforced," Albayrak said.

The minister stated that Turkey has already a solid macro and micro economic basis.

"We are in a better economic climate for investments. Everybody should be clear of Turkey's direction towards economical growth," he asserted.

On the question of recent fluctuations in the Turkish lira, Albayrak said that these are very short-termed.

"These kinds of daily fluctuations happened in similar crises. These are very simple and very short-term fluctuations when we look at the overall macro and micro graphical projections," he explained. ​

Commenting on failed coup, the minister said that "even though the recent events are traumatic, we are in a period where we have great experience, unity and solidarity. Regardless of political views, everybody came together united in support. Until a further order is given, we need to stay outside to show our solidarity and unity.​"

He added that the government will investigate the failed coup and will keep the public updated with their findings.

Albayrak said that Turkey's Justice and Foreign Ministers will pay a visit to the U.S. next week to demand the extradition of U.S.-based preacher Fetullah Gulen. According to the Turkish government, Gulenist factions orchestrated the failed coup on July 15.