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Turkey Energy Costs Could Rise To $65 Billion

Turkey Energy Costs Could Rise To $65 Billion
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Τετ, 7 Μαρτίου 2012 - 19:07
Turkey's energy costs could increase to $65 billion this year, the Turkish economy minister said Wednesday, underlining how rising oil prices could raise Turkey's current account deficit.
Turkey 's energy costs could increase to $65 billion this year, the Turkish economy minister said Wednesday, underlining how rising oil prices could raise Turkey 's current account deficit.

"Our energy costs this year may increase to 65 billion dollars from 54 billion last year," Zafer Caglayan told reporters after giving a speech in Istanbul .

"The crisis in Europe has triggered this increase in oil prices... We will be watching oil prices closely," Caglayan said.

Turkey , which is dependent on energy imports, is sensitive to oil price fluctuations. Higher oil prices could widen the country's gaping current account deficit; which at 10% of gross domestic product, is considered the economy's key weakness.
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