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Rising Turkish Energy Demand Bolsters Case For Investment –IEA

Rising Turkish Energy Demand Bolsters Case For Investment –IEA
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Παρ, 23 Ιουλίου 2010 - 16:45
Turkey's domestic energy demand could almost double over the next decade if its economy grows as rapidly as expected, underscoring the need for rapid investment in the country's energy infrastructure, the International Energy Agency said Friday.
Turkey 's domestic energy demand could almost double over the next decade if its economy grows as rapidly as expected, underscoring the need for rapid investment in the country's energy infrastructure, the International Energy Agency said Friday.

The Paris-based agency's 'Turkey 2009 Review' said a significant economic expansion would bring substantial energy policy challenges for Turkey, a strategically-important country which imports almost all the oil and gas it uses.

" Turkey will likely see the fastest medium- to long-term growth in energy demand among the IEA member countries," said Nobuo Tanaka, the IEA's executive director, in Ankara .

" Turkey needs large investments in energy infrastructure, especially in electricity and natural gas, to be able to supply affordable energy to its people and to sustain rapid economic growth," the report said.

The IEA, whose forecasts are generally regarded as bellwether indicators for the energy industry, is made up of 28 member countries.

The report also praised the Turkish government's power sector reform and diplomatic engagement toward supplier countries in the region, which together hold over 70% of the world's proven oil and gas reserves.

That engagement policy, which has raised concern in Western capitals that a traditional ally is realigning its interests towards the east, "benefits both Turkey itself and the wider international community," the report said.

Nevertheless, the IEA urged the Turkish government to develop a comprehensive long-term plan to increase emergency oil reserves and natural gas storage capacity, and to improve its institutional capacity by establishing a stockholding agency.

Turkey's economy grew 11.7% in the first quarter compared with a year earlier, underlining a robust recovery unharmed so far by growing economic woes in the European Union, Turkey's biggest export market, according to official data from Turkstat, the Turkish statistics authority.

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