Turkish Energy Market: Transformation, Privatization and Diversification
Turkish economy is highly dependent on fossil energy imports. With limited domestic production of energy and rapid industrialization, urbanization and population growth, Turkish vulnerability to costly energy imports poses a serious threat to the country’s comparative advantage while generating rising current account deficit in the short-term. To date, Turkey has managed to obtain its imported natural gas through long-term contracts, typically 15–20 years, with relatively favourable import prices.
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