BP refutes claims about exiting Turkish market

BP refutes claims about exiting Turkish market

Merve Erdil - ISTANBUL
BP refutes claims about exiting Turkish market

AA photo

BP has never had a plan to exit the Turkish market, a top company official has said on the sidelines of the World Energy Congress in Istanbul, refuting earlier reports.  

“We have never had a plan about exiting Turkey. Conversely, we plan to grow more in this market,” BP’s Downstream CEO Tufan Erginbilgiç told reporters on Oct. 12. 

Reports had claimed that BP was planning to follow France’s Total in exiting Turkey, amid ongoing problems following the Gulf of Mexico oil spill disaster as well as the oil price plunge. 

“We want to introduce more products to the Turkish market if the required regulations are made. We will grow our product portfolio, as the Turkish market becomes more competitive and compliant with free market conditions,” Erginbilgiç noted.

He referred to BP’s 12 percent stake in the Trans Anatolian Natural Gas Project (TANAP) and the Southern Gas Corridor Project. 

“These $45 billion projects are of great importance both for us and the sector as a whole. Some 83 percent of the Southern Gas Corridor has been completed. The TANAP has run in line with the scheduled program. We also have a 20 percent of stake in the Trans Adriatic Pipeline [TAP],” Erginbilgiç said.

Huge energy projects such as TANAP and the Turkish Stream have made a significant contribution to Turkey’s plans to become an energy hub, he noted. 

“It will not surprising for me if Turkey attracts more gas due to its key geopolitical location. Turkey has diverted its direction more to coal and renewable energy in a bid to diversify its resources, but I do not think the country will quit gas,” Erginbilgiç said. 

He also predicted that the oil prices may hit $70 if current conditions continue.