Turkey expects big drop in gas imports after Black Sea find:minister
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
Turkey expects big drop in gas imports after Black Sea find:minister

Global Economy

Reuters
22 August, 2020, 07:30 pm
Last modified: 22 August, 2020, 07:33 pm

Related News

  • Turkey alerts citizens to risk of attack in United States, Europe on heels of Western warnings
  • Top US Treasury official to warn UAE, Turkey over sanctions evasion
  • Turkey says it is "meaningless" to restore NATO dialogue with Sweden, Finland
  • Finland says time-out needed in talks with Turkey over NATO bid
  • Erdogan to Sweden: Don't expect Turkish support for NATO bid after Stockholm protest

Turkey expects big drop in gas imports after Black Sea find:minister

President Tayyip Erdogan announced the discovery of a 320 billion cubic metre (11.3 trillion cubic feet) gasfield on Friday that could come on stream as soon as 2023 and said Turkey was determined to become a net energy exporter

Reuters
22 August, 2020, 07:30 pm
Last modified: 22 August, 2020, 07:33 pm
FILE PHOTO: Turkey's drilling vessel Fatih sails in the Bosphorus, on its way to the Black Sea in Istanbul, Turkey May 29, 2020. REUTERS/Yoruk Isik/File Photo
FILE PHOTO: Turkey's drilling vessel Fatih sails in the Bosphorus, on its way to the Black Sea in Istanbul, Turkey May 29, 2020. REUTERS/Yoruk Isik/File Photo

Turkey expects its energy imports to fall significantly following a major Black Sea natural gas find and more discoveries could be made in another area now being evaluated, Energy Minister Fatih Donmez said on Saturday.

President Tayyip Erdogan announced the discovery of a 320 billion cubic metre (11.3 trillion cubic feet) gasfield on Friday that could come on stream as soon as 2023 and said Turkey was determined to become a net energy exporter.

If the gas can be commercially extracted, it could transform Turkey's dependence on Russia, Iran and Azerbaijan for energy imports, which cost the country $41 billion last year.

Any reduction in Turkey's energy imports would also boost government finances and help ease a chronic current account deficit that has helped drive the lira to record lows against the dollar.

Erdogan says Turkey finds its largest ever gas deposit in Black Sea

"With the discovery, we expect a serious fall in imports. We have established the groundwork for our citizens to use natural gas at much more economic costs," Donmez told reporters.

"There is a new area of 6,000 square kilometres ahead of us. The evaluation of our experts is that we may see similar structures there too," he said in Istanbul.

"We can already say that the gas we will produce ourselves will be more economic than the gas we import ... It is inevitable for prices to fall where the product is abundant."

Turkey has also been exploring for hydrocarbons in the Mediterranean, where its surveys in disputed waters have drawn protests from Greece and Cyprus. Greek and Turkish warships shadowing a Turkish survey vessel collided there last week.

World+Biz

Turkey / Gas field / Gas Impoirts

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Collected
    Economic slump drags down growth in VAT collection from big cos
  • It's corruption that bites business harder: CPD
    It's corruption that bites business harder: CPD
  • Foreign Minister of Argentina Santiago Cafiero with Bangladeshi Foreign Minister Abdul Momen. File Photo: Bangladesh Ministry of Foreign Affairs
    Argentina set to open embassy in Bangladesh on 27 Feb

MOST VIEWED

  • The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/
    Adani's $2.5 billion share sale faces crucial day after Indian rout
  • FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Picture taken April 2, 2014. REUTERS/Amit Dave/File Photo
    India's Adani hits back at Hindenburg, insists made full disclosure
  • Getting gas to India will be even more costly than laying this pipe to China.Photographer: Andrey Rudakov/Bloomberg
    Russia can't replace the energy market Putin broke
  • FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo
    India's Adani says $2.5 bln share sale on track even as bankers mull changes
  • Photo: DW
    Euro zone lending growth tumbles as higher rates bite
  • A worker sits on a truck being loaded with coal at a railway coal yard on the outskirts of the western Indian city of Ahmedabad, Nov 25, 2013. REUTERS/Amit Dave
    India's low coal stocks threaten electricity supply: Kemp

Related News

  • Turkey alerts citizens to risk of attack in United States, Europe on heels of Western warnings
  • Top US Treasury official to warn UAE, Turkey over sanctions evasion
  • Turkey says it is "meaningless" to restore NATO dialogue with Sweden, Finland
  • Finland says time-out needed in talks with Turkey over NATO bid
  • Erdogan to Sweden: Don't expect Turkish support for NATO bid after Stockholm protest

Features

Photo: Courtesy

The Hawkers: Where minimalism meets motifs

2h | Brands
Illustration: TBS

Where do Shariah-compliant mutual funds stand in Bangladesh

1h | Panorama
Sketch: TBS

A subsidy war without winners

1h | Panorama
Photo: Collected

Oppo Reno 8T first look revealed!

2h | Brands

More Videos from TBS

Pakistan plunges into economic mess

Pakistan plunges into economic mess

23m | TBS World
Shahrukh's 'Pathaan' has been making records ever since its release

Shahrukh's 'Pathaan' has been making records ever since its release

28m | TBS Entertainment
How will Bangladesh pay for massive upcoming power projects this year?

How will Bangladesh pay for massive upcoming power projects this year?

28m | TBS Insight
Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

16h | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]