Turkey's energy sector still safe: Investors group

By Gulsen Cagatay

ANKARA (AA) - Turkey's energy sector will continue to develop and will remain unhindered by the recent coup attempt, president of the Energy Council of Foreign Investors said Friday.

Speaking to Anadolu Agency after the failed coup on July 15, Mario Diel, the council's president hailed the potential in Turkey's energy sector and asserted that foreign investors will continue to invest in the country, undeterred by the recent coup attempt.

"We should support the government and any steps they take to convince foreign investors to stay, invest and continue to work in Turkey," he said.

Diel urged both foreign and Turkish entrepreneurs to uphold their trust in Turkey's energy sector, proclaiming that regardless of the events in the past 10 days, Turkey will unlikely lose its significance in the region.

“Over the last decade, the growth in Turkey’s natural gas and energy demand was second to only China. The country is geographically located in close proximity to more than 70 percent of the world’s proven oil and gas reserves. Turkey definitely plays a major role in ensuring energy security through interdependence via diversification of supply sources. Additionally, the country offers major East-West corridors within the region," he said.

- Re-establishing ties with Russia, Israel are significant

Commenting on restoring relations between the two major energy players in the world, Russia and Israel, he said that after the downing of the Russian jet on July 19, 2015, Turkey's economy was negatively impacted over the following months.

He added that Turkish and Israeli private sector companies are discussing a possible gas pipeline project to transport natural gas supplies to Europe through Turkey from the Leviathan gas field, which holds an estimated 500 billion cubic meters of gas.

"After normalization of relations with Israel, Turkey can benefit from this and will be able to export the country's natural gas to Europe," he explained.

Bilateral trade between Russia and Turkey is enormous and a critical issue as Russia is Turkey's main natural gas supplier and is involved in Turkey’s first nuclear power plant.

Turkey imported 27 billion cubic meters of gas from Russia in 2015.

- Mega Projects should begin

He urged that after the normalization of relations between Russia and Israel, mega projects; the construction of the natural gas project, the Turkish stream, the Akkuyu nuclear power plant and the proposed transfer of Leviathan natural gas to Turkey should start.

In 2010, Turkey signed agreements with Russia on the construction and operation of nuclear power plants in Turkey.

Turkey’s first nuclear power plant Akkuyu, in the province of Mersin at the southern Mediterranean coast, was due to be carried out by Russia with a budget of $25 billion. It is under construction and will have a capacity of 4,800 megawatts with four units.

However, after relations soured between Turkey and Russia, doubts arose as to the realization of the project.

"There were rumors that Turkish firms also could attribute to the construction of nuclear power plants, but I believe that Russia, which is a organic partner of the project, should re-start the project," Diel said, adding that he is convinced that the project will get back on track.