Turkey: At the Crossroads of Energy Corridors
Energy is a prominent factor within the development of a society and enhancement of its economic potential. It affects every aspect of life and accordingly improves the prosperity of the people of a country as well. The energy necessity and changing volume of it also differentiates the quantity demanded and supplied. However, energy sources are not infinite. Therefore, states must devise and apply strategic energy policies in order to provide affordable and secure energy sources for responding public necessities and ensure sustainable development. In addition, using energy sources without polluting and damaging the environment, in other words using green energy, is another considerable issue within the subject of sustainable development. Energy security and sustainability are critical factors not only for developed countries, but also for developing and underdeveloped countries. It has various impacts on states with respect to its availability, reliability, affordability, and diversification. However, in the 21st century, energy is not an asset adequately enjoyed by each country. Therefore, energy has become a much more significant issue for countries that are not self-sufficient in terms of generating enough energy for their own consumption (Fackrell, 2013; Yıldız, 2010).
Turkey possesses a unique geographical disposition. It is located at the convergence of Europe and Asia, consolidating the East with the West and the North with the South at the intersection of many states. It is possible to reach more than 50 countries within a 3-hour flight from the country. This means to have access to a great population of people, a huge amount of gross domestic product (GDP) in various countries and numerous domestic markets. Additionally, more than 70% of world’s proven gas reserves and about 80% of proven oil reserves are located in the vicinity of Turkey. Additionally, the countries in the west of Turkey represent the profitable markets for the energy rich states that are situated in the East. Therefore, this makes Turkey as a an energy hub among various energy corridors (Hisarcıklıoğlu, 2010; Öztürk et al., 2009; Tserteli, 2010; Yıldız, 2010)
Turkey has a constantly growing economy and its energy requirement increases at a constant pace. It has been experiencing fast energy demand in every sector of its economy in accordance with its expanding economic volume. However, Turkey is not self-sufficient with respect to its domestic energy demand and must fill the gap with energy imports, especially natural gas and oil, in order to cover its energy deficiency. Currently, it is able to meet about 25% of its energy demand by domestic resources while the rest is imported from abroad. Therefore, it is evident that Turkey is critically dependent on foreign energy sources to boost its economic growth and sustain a consistent path.