Energy and Natural Resources Minister Berat Albayrak stated that energy prices, which have been on the decline since June 2014, will soon be reflected on natural gas prices in Turkey. Due to the fluctuations in energy prices over the last decade, natural gas prices have been increasing and Turks have faced very high costs. Speaking to Turkish TV Channel NTV, Albayrak noted that the government had tried to deflect these increasing costs through subsidies and as a result, state-run energy company BOTAŞ has been suffering losses for years. This had become a large burden. "Recently, we have seen energy prices decreasing and therefore hopefully this decrease will also mean BOTAŞ can offer discounts on its price tariffs," added Albayrak.Despite the fall in crude oil prices from $110 in June 2014 to the present price of less than $30 per barrel, Turkish consumers have not seen a significant decline in consumer prices. Gasoline prices have only dropped by TL 0.9, while diesel oil prices went down by TL 1.15 in this period. The energy minister said that further discounts were not possible, due to volatility in foreign exchange rates and fixed taxes. While the dollar/TL exchange rate was around 2.10 in June 2014, today it is about 3.0. Albayrak noted that the government provided a discount despite the exchange rate being so high. "This also occurs due to the methodology of tax collection in Turkey," Albayrak suggest as one reason for relatively small discounts.Albayrak highlighted that Turkey's economic growth is parallel with the improvement in the energy sector, and that infrastructure works to meet the requirements of such growth have been ongoing for the past 13 years. He also recalled that Turkey has taken serious steps to benefit from alternative energy resources and that it would be necessary to have an installed power of 50,000 to 60,000 megawatts to meet the increase in the energy demand due to the expected 4 to 5 percent growth in Turkey. Albayrak also said that this will exploit various natural resources and that new cooperative efforts will be established.Albayrak added that the government is currently working on increasing resource diversity, including using liquefied natural gas (LNG) as an alternative as well as other alternative resources. Turkey might become a transit country for the delivery of Israeli and Iraqi gas to European markets, but Albayrak underlined that Turkey's energy security is not Turkey's concern alone, but also crucial to the European Union."In order to discuss energy issues with Israel... If political normalization is established, we [Turkey and Israel] can take steps for cooperation on energy," said Albayrak.Asked for his opinion about the course of crude oil prices, Albayrak noted that it is hard to make a prediction at this point as the prices are not generated just based on demand and supply, but depend more on political tensions and relations. "I believe that crude oil prices within the next few years will be around the same levels, as they depend more on politics now and since more than half of the crude oil and natural gas is imported from the Middle East. The turmoil in the area is affecting various markets directly, plus various other areas such as energy security, safety and the psychology of the whole world. Therefore it is impossible for energy prices not to affect the rest of the world, and I believe the next ten years will be a tough period in terms of energy, both for the region and for the whole world in general," said Albayrak.He also noted that Turkey will continue its investments in energy, and various efforts are being exerted to keep up with technologic advances, especially in renewable energy field. Further investments in solar energy and wind energy are also on the agenda, and the government has a plan for establishing a local production and Research and Development center in order to achieve great progress in solar and wind energy production.Recalling that nuclear energy will soon be included in Turkey's energy portfolio, Albayrak noted that there are no problems regarding the development of the Akkuyu Nuclear Energy Plan after the aircraft crisis with Russia, as both countries will continue to comply with their respective liabilities and perform the duties they assumed."The investment in Akkuyu is ongoing, and there are no problems on our side. We as the Ministry will continue to strive on including nuclear energy in Turkey's mix of energy resources," said Albayrak. He added that they are currently searching for the most suitable location that will meet 19 criteria for the third nuclear plant, as this is such a critical region. He noted that they have narrowed the options down to around 10 locations. "Turkey's energy demand increases exponentially, so it is not possible to fill this need by one resource alone, therefore we will strive to realize all these new projects and initiatives as the ministry," Albayrak concluded.