The minister additionally hinted at potential reductions to utility payments forward of normal elections on Could 14, the place President Recep Tayyip Erdogan is searching for reelection. Erdogan will announce “excellent news” on April 20, Donmez mentioned.
The Turkish chief has pitched vitality finds as an answer to the nation’s financial vulnerabilities, which embody a hefty energy-import invoice that’s paid in overseas forex.
Regardless of authorities subsidies, electrical energy and heating payments have taken a toll on Turkish households and companies amid the battle. Donmez mentioned Russia provides a couple of third of Turkey’s pure fuel wants, whereas 30 per cent of the nation’s $350 billion import invoice final 12 months was for vitality.
Some 710 billion cubic meters of pure fuel reserves are estimated to have been found in offshore fields primarily within the Sakarya subject. The discover is value $500 billion primarily based on present market costs, the minister mentioned.