TODAY’S – TuSIAD: Liberalization of Turkish energy market is a must

TuSIAD: Liberalization of Turkish energy market is a mustThe state-owned Turkish Pipeline Corporationand#39s (BOTAI) share in the volume of Turkish gas imports from abroad should be lessened in order to sustain a transparent, liberal and liquid energy market, the chairman of countryand#39s top business organization said in a speech on Monday.The Turkish Industrialists and Businessmenand#39s Association (TuSIAD) hosted a conference for the presentation of a report titled andldquoWorld Energy Outlook 2014,andrdquo which was recently released by the International Energy Agency (IEA) at Istanbuland#39s SabancI CenterMaking opening remarks at the conference, Diner said the growth rate of the Turkish economy could easily be lifted from 3 to 5 percent, but that structural reforms should be implemented first in order to maintain the predictability of energy investments and a liberal and transparent energy market.

Diner also noted that BOTAI should andldquoact like other players in the sectorandrdquoAcknowledging previous amendments to electricity market regulations, Diner said revisions should be made to the regulations for the natural gas market as well. Diner also asserted that Turkey should not become complacent with falling oil prices, since the current situation contains both opportunities and threats in that it decelerates recovery from the global economic crisis.

Energy and Natural Resources Minister Taner YIldIz also attended the conference, where he commented on recent developments related to world energy corridors. YIldIz stated that Turkey cannot remain irresponsive to developments in Iraq, as that countryand#39s share of the world oil supply by 2040 will be 4 million out of 14 million barrels — the exact amount that is expected to be added to the global oil supply by that time.

Underlining that instability in Iraq concerns Turkey, YIldIz said Turkey care about the normalization of Iraq.Russia to decrease oil supplyRussian Energy Minister Aleksandr Novak has said the oil production of Russia may fall by around 5 percent due to economic woes.

Nonetheless, the minister maintained that this move should not be perceived as an artificial attempt to push a hike in global oil prices. Commenting on free-falling oil prices around the world, Novak stated that speculative moves and political factors play a crucial role in the pricing of oil.

SOURCE: Today’s Zaman