Insider Secrets

Insider Secrets

Learn how the PROs are making money from the oil and energy market.

Loading, please wait

UAE Agrees $12 Billion Deal to Help Develop Turkey's Coal Reserves

By
Posted on Thu, 03 January 2013 22:04 | 0

Turkey has just signed a $12 billion agreement with the United Arab Emirates (UAE) to develop its huge coal fields in the southern part of the country. The deal between TAQA, in Abu Dhabi, and Turkey’s state-run utility EUAS represents the largest investment made by an Arab nation in the Turkish energy sector.

Taner Yildiz, the Turkish Energy Minister, remarked that “this is a very serious investment, a significant investment. This is the second-biggest investment made in Turkey after the two nuclear power plant projects.”

The Afsin-Elbistan basin in southern Turkey is estimated to contain around 4.4 billion tonnes of coal, around 40% of Turkeys entire reserves, and could provide enough fuel to power as much as 8.2GW of coal-fired power stations.

Related Article: Why does World Coal Consumption continue to Grow?

Natural gas is currently Turkey’s largest source of energy. Most of it is imported which means that it accounts for a large portion of the nation’s current account deficit. Turkey hopes that the use of this coal, and the extra power generation that it could supply, will enable it to reduce its natural gas imports by around $1.2 billion.

Turkey currently imports a lot of its natural gas from Iran, and developing this coal would enable it to comply with Western pressure and reduce those imports.

By. Joao Peixe of Oilprice.com


Join the discussion

Special Reports

8 Mega Trends

8 Mega Trends

By Oil & Energy Insider Analysts

8 OIL & GAS INDUSTRY MEGA-TRENDS AND HOW TO PROFIT FROM THEM
Here's what our 400 global energy assets are telling us to be prepared for right now...

LNG Technology

LNG Technology

By Oil & Energy Insider Analysts

THE "FLOATING REFINERY" STOCK THAT COULD FUND YOUR RETIREMENT
This company's incredible tanker technology could eliminate many of the world's offshore pipelines...

Subsea Production

Subsea Production

By Oil & Energy Insider Analysts

THE END OF OFFSHORE DRILLING?
This disruptive market will grow 84% to 270% over the next five years: Discover the 6 equipment suppliers set to profit.

Be the first to comment on this article.


Martin tiller