AÜ: It is evident that Turkey is yet to be a complete energy hub despite having immense energy producers around it. What do you think Turkey should do to become an energy hub that determines the petroleum and natural gas prices?
Turkey can elevate its strategic importance and secure economic benefits by becoming an energy transit hub, thanks to the pipelines that already deliver oil from Azerbaijan and Iraq and natural gas from Azerbaijan, Russia, and Iran. Moreover, these transit links will expand in coming years, and hopefully include natural gas from northern Iraq, the Eastern Mediterranean, and Turkmenistan, as well.
Provided that Turkey advances its longstanding plans to liberalize its natural gas market, Turkey can also become a trading hub for natural gas. But, this can happen only if market forces of supply and demand determine price.
It is unlikely that Turkey could become a trading hub for petroleum, given that oil prices are more or less determined globally rather than at individual trading hubs.
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