Turkey needs to sign energy deals with Iraq: analyst

Turkey should engage in business deals with Iraq to carry Iraqi gas to Europe to achieve progress in energy in 2011, an energy security analyst has said.

Turkey needs to sign energy deals with Iraq: analyst

Turkey should engage in business deals with Iraq to carry Iraqi gas to Europe to achieve progress in energy in 2011, an energy security analyst has said.

"Turkey needs to sign agreements with Iraq to carry Iraqi gas to Europe if 2011 will be a successful natural gas year and we should get to work at once," Faruk Demir told the Anadolu Agency on Friday, adding that the country also should materialize new investment options in energy sector.

The major challenge Turkey faces in 2011 and in the years to come will be reducing energy costs Demir said, adding that only 3 to 5 percent of oil and natural gas consumption in Turkey was met by national resources.

Demir, however, said deep sea exploration efforts in the Black Sea as well as in the Turkey's south and southeastern regions might raise hopes for an increased capacity of national production of oil and natural gas.

"Economic growth and the growing energy demand will exceed budgetary expectations in energy by the end of 2011. The important thing and major chance for Turkey to reduce energy costs is to take advantage of its position of transit country," Demir said.

The analyst said Turkey had still a chance to win the upper hand in offering low-cost access to energy resources in finding the appropriate amount of natural gas for the Nabucco project which would carry gas from the Caspian Basin and the Middle East to Europe.

Demir said 2011 could also see a final decision made on whether to to carry Azeri gas via a pipeline between Turkey, Greece and Italy or through the Nabucco project.

"If the low-cost advantage in Nabucco cannot be secured through the Azeri gas -- which is highly likely -- Turkey should focus on Iraqi gas as the best alternative. We need to sign contracts that would carry northern Iraqi gas to Turkey and to Europe," Demir said.


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Last Mod: 24 Aralık 2010, 16:41
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