Written by: Fatma Younes
Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, confirmed that there are no plans to increase electricity and natural gas prices in the near term, noting that authorities are closely monitoring developments in global energy markets.
Energy Pricing Policy
In his statements, the Minister explained that the country's energy pricing policy has been based on projected inflation rates since 2023, rather than actual realized inflation. He added that previous adjustments were made based on this foundation, confirming that there are no targeted price adjustments during the months of October and November, as financial conditions and economic developments are being continuously evaluated.
Global Price Challenges
Bayraktar pointed to the significant increases in global energy costs, with natural gas prices rising from levels of $400 to approximately $1000. Despite global cost pressures, the government has been keen to maintain current policies and monitor general budget conditions to ensure market stability.
Offshore and Onshore Production Projects
In a related context regarding local production, the Minister reviewed the most prominent projects in the energy sector, explaining that the Osman Gazi floating production platform will handle natural gas processing at sea. The gas will then be transported through pipes extending about 170 kilometers along the seabed to the Filyos region, and from there to homes and facilities. He also touched upon production developments in the Gabar field, indicating that the daily oil production volume there has reached about 84,000 barrels, as part of efforts to boost local supplies.
