Liberalization vital to energy market: Expert

Liberalization is the main policy that Turkey needs to maintain investors' interest in its energy market, Batu Aksoy, the head of Turkey's Energy Traders Association and CEO of Turcas Petrol said. In an exclusive interview with Anadolu Agency (AA), on Thursday Aksoy said that Turkey will need $120 billion ($270 billion) worth of investment over the next 10 years, but Turkish companies do not possess such equity capital. He said, "Turkey needs foreign investors to fulfill this kind of investment, and in order to attract foreign investors, the Turkish government needs to pave the way for private sector players in Turkey's energy sector." Aksoy underscored that market liberalization was the main solution to the lack of capital. He continued, saying, "Liberalization means that the government needs to withdraw from its dominant role as the main player in Turkey's energy sector. Apart from keeping some strategic assets, Turkey's energy watchdogs - the Energy Market Regulatory Authority (EMRA) and the Ministry of Energy - needs to be in the market only as regulators and decision makers for Turkey's regional energy strategy." Pointing out that 80 percent of the world's hydrocarbon reserves are located around Turkey, Aksoy said thatto maintain Turkey's energy security as well as increase its bargaining power in its energy imports, the resources must come to Turkey via pipelines.