Turkey to heavily invest in its energy sector

Turkey to significantly invest in its energy sector to meet rising demand and deal with its increasing energy bill

Turkey to significantly invest in its energy sector to meet rising demand and deal with its increasing energy bill

ANKARA – Turkey is to spend US$118 billion by 2023 on its energy sector Taner Yildiz, the country's energy minister, said Friday. This is because the country's energy consumption is expected to double by 2023 and in order to meet this investment is needed.

According to Yildiz, Turkey's real goal is to have nuclear power plants, but to have these plants he said "It’s crucial to have a domestic industry in the nuclear construction process."

The government as it aims to diversify Turkey's energy resources has plans for two nuclear power plants so far. One plant is to be in Mersin on the Mediterranean coast, which Russian energy company Rosatom agreed in 2011 to build, and operate and another in Sinop on the Black Sea coast with a Franco-Japanese consortium.

Yildiz also announced that Turkey is partnering with Japan to create an “Information and Technology University" with a budget of US$200 million.

Turkey generates 46 percent of its electricity from natural gas and has an energy bill of up to US$60 billion a year currently.

As of 2013, Turkey imported 98 percent of its natural gas and 93 percent of its oil.

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