Turkey's Energy Import Bill Up by 32% in 1H17

Turkey's energy import bill in the first half of the year increased by 32 percent when compared to the first half of 2016, according to Turkish Statistical Institute's (Turkstat) data Friday.

The data shows that the country paid $17.1 billion for its energy imports in the first half of 2017 compared to $12.9 billion between January-June period last year.

The total import bill in that period of 2017 amounted to $108.32 billion, out of which energy accounted for nearly 15.8 percent.

Oguzhan Akyener, president of Turkey Energy Strategies & Politics Research Center (TESPAM) said the reason behind the increase in the energy import bill is the rise in oil prices.

"In the first half of 2016, oil prices were nearly $38.50 per barrel while this number was $51 per barrel in the first half of 2017. Therefore, Turkey, just because of the price difference, suffered a loss of 32 percent in just one year," he said.

Among other factors that offset the rise in the bill were the positive effects from local coal usage. On the other hand, renewable energy investments, as part of Turkey's national energy strategy, have not reached their potential yet, according to Akyener.

"The effects of these investments and initiatives can be seen in the longer term. Oil and natural gas have the biggest share in Turkey's energy mix. It is important for Turkey to take faster and radical steps when it comes to the oil and natural gas sectors," he warned.

Turkey's Minister of Energy and Natural Resources presented Turkey's national energy strategy in Istanbul in April where he promised that Turkey would focus on the diversification of energy through greater use of local resources.

Under this strategy, Turkey will produce a geophysical map of its territory to be completed by 2018 to get a full picture of natural resources.

The country aims to conduct seismic studies for oil and gas drilling activities, two in the Black Sea, and two in the Mediterranean from this year onwards.

The strategy also stipulates making better use of renewable potential in the country as well as more use of local coal.

Akyener highlighted the need to observe the country's energy consumption balance, adding that the variables in that balance also includes electricity and coal, along with natural gas and oil.

"When observed, it can be seen how important, necessary and sound it is for Turkey to make better use of its local energy sources," he concluded.

Turkey’s energy import dependency, mainly on oil and natural gas, is increasing due to this growing energy demand. Currently, Turkey is able to meet only around 26 percent of its total energy demand from its own domestic resources.

(Anadolu Agency)

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