Energy Market

Abstract

Turkey is not only a leading economic power, but also an important energy player, thanks to its geographical position. Indeed, the country is located between the Middle East and Caspian areas, oil and natural gas suppliers, and the Western Europe countries, large importers of such resources. This strong point is counterbalanced by a traditional weakness: a limited availability of domestic energy sources, resulting in massive imports of oil and gas from abroad and in a heavy dependence on Russia. The chapter explains how Turkey exploits its strategic position and tries to ride out its energy vulnerability. The specific problems and opportunities related to each energy sector, notably electricity, oil and gas, renewable energies, and nuclear power, are analysed as well. Finally, special attention is dedicated to some initiatives and projects that Turkey put in place over the last years to enhance its bilateral cooperation with the European Union and the United States in matter of energy.