Turkey to expand gas export hub to Europe, resume flow of Iraqi oil

by MMC
0 comment

Turkey believes its presence is essential to the success of energy and transport corridors in the region, revealing its intention to expand its gas infrastructure to facilitate the transit of Russian gas to Europe.

Turkish Foreign Minister Hakan Fidan asserted that efficient and sustainable operation of energy transportation corridors without Turkey’s participation was not possible.

Speaking at the 10th Congress of the World Turkish Business Council (DTIK) in Istanbul, Fidan said: “We hope to move into the implementation phase of the Development Road Project in the coming years, which is of great importance for prosperity and stability in the Middle East. month.”

He highlighted the ongoing intense negotiations with Iraq, the United Arab Emirates and Qatar on the project.

Fidan highlighted the importance of new trade routes, especially in light of recent geopolitical developments, including the COVID-19 pandemic, the Russian-Ukrainian war and the US-China rivalry, or more broadly, between the West and China.

He noted that these developments have reignited discussions on other trade routes previously considered theoretically, emphasizing that trade routes not only respond to trade but also reflect geostrategic competition.

– A gas hub

At the same time, Energy Minister Alparslan Bayraktar said Turkey plans to expand its gas infrastructure while preparing the ground to establish a gas exchange from which southeastern countries Europe could supply itself with gas.

After its foray into Ukraine in February the previous year, Russia last year proposed creating a gas hub in Turkey to replace lost sales to Europe.

Turkish President Recep Tayyip Erdogan and Russian President Vladimir Putin gave directives to launch the project.

At their recent meeting in Sochi, they discussed specific steps after the project was delayed by the earthquake in Turkey last February and the presidential and parliamentary elections in May.

Turkey plans to expand its gas infrastructure in Turkey’s northwest Thrace region by connecting LNG gasification terminals and an upgraded storage facility in Silivri, west of Istanbul.

Bayraktar told a press briefing on Thursday that gas coming from Azerbaijan, Iran and Russia via pipelines could also supply this hub and be priced in a local gas exchange.

– Resumption of Iraqi oil exports

Additionally, Bayraktar confirmed that the northern Iraq oil export route via Turkey will soon be ready to resume operations after checking the pipeline’s maintenance and repairing flood damage.

Bayraktar said inspection of the pipeline had been completed and it would soon be “technically” ready for operation.

Turkey cut off flows on the northern Iraq oil export route on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages. for unauthorized exports from the Kurdistan Regional Government (KRG) between 2014 and 2018.

“To date, the independent expert has completed his investigation and is now preparing his report,” Bayraktar said without mentioning a date for the resumption of oil flows.

Iraq and Turkey had previously agreed to wait until maintenance work was completed before resuming the pipeline which accounts for about 0.5% of the world’s oil supply. Sources said oil flows were not expected to begin until October.

The Kurdistan Regional Government lost around $4 billion in exports.

– Nuclear plant

The minister revealed that ongoing negotiations with Russia, China and South Korea regarding the construction of a second nuclear power plant in Thrace, northwest Turkey, are progressing.

“We have come to a very important point that we have to finalize (the deal) in a few months,” Bayraktar said.

He also discussed ongoing negotiations with Russia regarding the third Sinop nuclear power plant.

Bayraktar said Turkey will need to produce 20 gigawatts from nuclear power plants in the future.

Russia is currently building the Akkuyu Power Plant, Turkey’s first nuclear power plant, located in Mersin.

Bayraktar revealed that Turkey aims to establish a broader nuclear ecosystem that will require the transition from atomic energy to clean energy by 2050.

You may also like

Leave a Comment

The news website dedicated to showcasing Africa news is a valuable platform that offers a diverse and comprehensive look into the continent’s latest developments. Covering everything from politics and economics to culture and wildlife conservation

u00a92022 All Right Reserved. Designed and Developed by PenciDesign