Türkiye to invest $200 billion in energy until 2035

Türkiye to invest $200 billion in energy until 2035

Hande Fırat - ANKARA
Türkiye to invest $200 billion in energy until 2035

Energy and Natural Resources Minister Alparslan Bayraktar has outlined the framework of Türkiye's new investment and reform period in the energy sector, saying the government is preparing for 2035 with a $200 billion project set.

“Until 2035, we have about $200 billion worth of projects, some of which will be initiated and completed within this period, while for some, the preparations for the legal infrastructure will be made,” Bayraktar said during a meeting with Ankara bureaus’ chiefs of some newspapers.

“These projects include renewable energy, nuclear energy, natural gas-oil exploration, natural gas-oil and electricity infrastructure projects and interconnection projects,” he added.

Bayraktar categorized the set of investments under five main headings: Renewable energy, energy efficiency, nuclear energy, oil and natural gas, and mining.

“Renewable energy is one such area that can help meet growing demand, reduce foreign dependency and reduce emissions,” the minister noted.

“In renewables, we want to bring onshore and offshore wind into service. We have a target of 1,500 megawatts of wind projects per year. There is serious potential in the Sea of Marmara, Kıyıköy and around the Black Sea. In the next 12 years, Türkiye will reach 30,000 MW of installed wind capacity with an increase of about 18,000 MW.”

“We have slightly more ambitious targets in solar. We need to bring at least 3,000 to 3,500 MW of new installed capacity online every year. We have set an additional target of around 40,000 MW by 2035.”The Akkuyu Nuclear Power Plant will start production next year, and a second nuclear power plant will be built in the Black Sea province of Sinop, Bayraktar noted.

“In addition to large-scale nuclear power plants, we are working closely with the United Kingdom and the United States on a new technology called small modular reactors, which can be produced in Türkiye with the possibility of localization,” he said.

“By the 2050s, Türkiye will have over 20,000 MW of installed nuclear capacity. This is almost the size of four Akkuyu power plants.”

The natural gas production Black Sea will also be a priority, the minister added.

“Our goal is to produce 10 million cubic meters per day or about 3.5 billion cubic meters per year,” Bayraktar said.

“That is about 25 cubic meters of gas used in the kitchen and for hot water in homes. For 19 million natural gas subscribers, we aim to produce the gas used in hot water and kitchens from the gas in the Black Sea in one year. In the second phase, we want to increase this to 40 million cubic meters.”

He also said that Türkiye aims to increase its crude oil production.

“We consume about 1 million barrels of crude oil a day, and the local oil production covers about 8 percent of that amount,” Bayraktar added.

“With the Gabar discovery, we hope to increase production to 100,000 barrels per day this year, and the goal is to reach 200,000 barrels by the end of 2024. By then, Türkiye can meet 20 percent of its needs from its own resources.”