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Energy supply key to growth for Turkey and Europe

Article - March 14, 2012
Energy is big business in Turkey, not only in terms of production but also domestic and international transport

Turkey’s economy grew 7.5% last year according to the most recent IMF predictions. Energy is an economy’s life force, and guaranteeing it at affordable prices is crucial to sustained growth. Minister of Energy, Taner Yildiz, knows and understands this. Large-scale public initiatives like Strategic Vision 2023 are promoting renewables to reduce energy imports and correct the CAD. Public entitles like TPAO also stepped up, promising 500 additional wells to ensure that fossil fuel supply continues growing with demand.

It is important to note Turkey is thinking beyond just domestic energy. The country is currently laying the groundwork to take full advantage of its unique location at the heart of the East-West trade between Europe, Central Asia and the Middle East, and become one of the most important oil and natural gas transits in the world. The planned and ongoing construction of pipelines, like Nabucco and South Stream, will grow Turkey’s role in guaranteeing energy security for Europe. Furthermore, increased grid connectivity will allow for the purchase and sale of electricity to EU markets. Diversity means Turkey does not have to limit itself to succeeding on just one front.