Turkey-Russia energy deal intact, says minister

ISTANBUL

Minister Taner Yıldız expressed confidence in Ankara-Moscow ties. AA Photo

Russia will continue its $22 billion nuclear energy investments in Turkey, and both countries will strengthen their economic cooperation despite differences in outlook on regional political issues, Energy Minister Taner Yıldız has said.

Speaking in Istanbul at a special meeting of World Economic Forum’s titled “Unlocking Resources for Regional Development,” Yıldız said he will visit Moscow tomorrow to discuss Russia’s economic investments in Turkey.

In reference to Russia’s energy investments in Turkey worth $22 billion, including nuclear power plants, he said despite Turkey and Russia’s differing opinions on the political crises in the Middle East, such as in Syria, their “mutual interdependency takes priority.”

The Akkuyu Nuclear Power Plant project is estimated to cost around $20 billion, and a total of $3.5 billion worth of equipment is expected to be used in its construction process. $1.8 billion of this will be spent this year alone.

Funds received from Russia are expected to be used specifically for the infrastructure of the plant, constructing roads, power lines, water pipelines, temporary housing and cranes.

If the project license is approved, the reactor construction is estimated to begin in 2016 and become operational by 2020, with the entire plant fully operational by 2023.

Turkey as energy hub    

Yıldız also stressed that despite the political instability in the Middle East, the conflicts will not prevent Turkey from becoming an energy hub in the near future
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“With the international projects that Turkey participates in, the country will shine as a symbol of stability in the region and will continue to make such projects lighten the political burden,” he said.