Recently Turkey has emerged as the hot new market for natural gas. According to some of the experts it may soon emerge as an “energy corridor” in the international gas market. Political and economical debate also depicts high chances of the nation to become world’s “energy hub”.
The rise of Turkey is mainly due to its unique geographical position at the crossroads of the Caucasus, Central Asia, Middle East and also Europe. Europe in the last decade proved to be a major market for Natural Gas. In addition Asia is following the same path with gigantic consumption of gas. Turkey in the recent past has shared a prominent share of gas export to Europe.
Apart from international gas export, the domestic demand for natural gas has also hiked in Turkey. The rapidly growing domestic market in Turkey has made it a hot topic on the global energy stage. In the last decade Turkey had been the highlight of the southern and Eastern Mediterranean region. Now, it has further reinforced it position economically. As per the International Monetary Fund (IMF), Turkey’s gross domestic product has hiked from US $ 266 billion to US $ 794 billion in 2012. This also resulted in dramatic growth of country’s primal energy consumption which rose from 73 million tonnes of oil equivalent (Mtoe) as accounted in 200 to 119 Mtoe in 2012.
With such drastic growth, country may soon be the hottest “Turkey” on the plate of international gas market.
