Green light given to Turkish Stream at the WEC

Green light given to Turkish Stream at the WEC

Giuseppe Didonna
In Istanbul the normalization of relations between Turkey and Russia and the start of construction of the energy infrastructure that will transport gas from Moscow to Europe were sanctioned. The Mediterranean was also the protagonist with the agreement between Cyprus, Turkey and Israel for the exploitation of large gas fields

The press conference, held on the sidelines of the face-to-face meeting lasting 1 hour and 40 minutes, between Russian President Vladimir Putin and his Turkish counterpart Recep Tayyip Erdogan, dominated the agenda and closed the first day of business at the World Energy Congress.
"The agreement for the construction of Turkish Stream has been signed". With these words, disclosed in a few minutes in a statement of the CEO of Gazprom, Alexey Miller, Erdogan confirmed the first outcome of the 23rd summit of the World Energy Council, as well as the success of the normalization of relations between Ankara and Moscow, which had collapsed to a historic low following the shooting down of Russian jet at the Syrian border last November.

Newfound understanding between Russia and Turkey

Turkey will continue to diversify its energy supply sources, but will continue with Russia at its side, as confirmed by President Putin, who ensured that he will continue to work to achieve “Erdogan’s plan”, to make Tukey "an energy hub ". The newfound understanding between the two countries, the most important feature of this first day, had been anticipated by the agreement reached in the afternoon between Russia’s state-owned oil company Rosneft and Socar, an Azerbaijani state-owned company with interests in Turkey.
Socar has decided to entrust Rosneft with the construction of a refinery in the Turkish coastal town of Aliaga, where a huge plot of land has been made available to the Russian company.
Yet another confirmation of the collaboration between Ankara and Moscow emerged from the nuclear issue. President Erdogan, in his opening speech, stated that Turkey aims to cover 30% of its energy needs through renewable resources and 10% through nuclear power.
"Investments continue: two power plants are under construction and one is being studied”.
The green light arrived on time from the city of Mersin, on the south coast of Turkey, which announced the issuance of documents needed by the Russian state-owned company, Rosatom.

A large energy development project in the Mediterranean

In the afternoon, of particular importance to Europe, following the discovery of large gas fields, was the speech of the President of the Turkish Cyprus, Mustafa Akinci: “Our reserves allow for the creation of a corridor that, running from Turkey, via Cyprus, will reach Europe, in the fastest, most secure and economic manner”. According to Akinci, to create an energy corridor the crisis gripping the island will need to end.
"We are working in search of a real, shared solution. It may be possible to create a federation that includes the two sides", said the President of Northern Cyprus, according to whom, if the island’s political situation comes to a solution, the Cypriot reserve could reshape the energy supply framework of an area that will include Europe, Turkey, Israel, Greece and Egypt. On the issue of oil, Venezuelan President Nicolas Maduro made his voice heard. During his speech, after having recalled the global importance of his country’s own oil reserves, he expressed his hope that during the OPEC summit of energy ministers, scheduled for October 12, an agreement will be reached regarding the stabilization of oil production quotas.