Turkey needs to invest $120 billion in energy until 2023, says Erdo?an

There has been a rapid increase in Turkey?s energy consumption, and the country needs to invest around $120 billion in energy projects by 2023, President Recep Tayyip Erdo?an said on Jan. 20.

?Turkey has grown tremendously for the last 12 years. This has doubled our energy consumption. We?ll be doubling our energy consumption by 2023. We need to increase our energy consumption rapidly. We need to invest $120 billion in energy projects by 2023,? Erdo?an said at the Energy Markets Summit, organized by the Turkish Energy Market Regulatory Authority (EMRA), according to Reuters.

He noted that the Kirkuk-Yumurtal?k oil pipeline has again become active, while ground has again been broken for the Southern Gas Corridor in Baku. He also referred to the Trans-Anatolian Natural Gas Project (TANAP), which will carry Azeri gas to European markets via Turkey, as an "exciting project."

?We are very determined to develop nuclear energy in Turkey as well as renewable energy,? Erdo?an added.

Meanwhile, the president questioned why the energy chapter of the EU accession negotiations has yet to be opened.

?We have questioned what was missing. They had no answer. We asked where we were stuck. They could not answer these questions, just as they could not do regarding other chapters. They insisted on the Nabucco project, but that project has failed. Here we all have TANAP. We hope that the TANAP?s gas will flow soon," he said.

"Honesty is a must. We can start the process in two-three months when the EU says it is ready to open any chapter to negotiate with us,? Erdo?an added.

Turkey?s current natural gas and electricity prices are the cheapest among the 28 EU countries and are at the same levels as in 2008, Energy Minister...