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Turkiye, Malaysia eye oil exploration cooperation

8 September 2022 17:34 (UTC+04:00)
Turkiye, Malaysia eye oil exploration cooperation

By Nur Banu Aras

Turkiye and Malaysia are planning to cooperate in the oil exploration sector, Yeni Shafak newspaper reports, citing Fatih Donmez, Energy and Natural Resources Minister.

Donmez made important statements regarding the energy agenda following the cabinet meeting.

Donmez said that he had a meeting with Petronas President Mohd Bakke Salleh of Malaysia on the sidelines of the G20 Energy Ministerial Meeting in Indonesia.

“This was a critical meeting. We made joint decisions to strengthen bilateral cooperation. Our president has also made an announcement. We will strengthen our cooperation in the sector of energy, particularly in oil and gas exploration, with our brotherly country Malaysia,” Donmez stressed.

He added that the Turkish government carried out intense energy diplomacy in late August.

“Qatar and Oman are our friendly and brotherly countries. Negotiations continue. Hopefully, we will get a positive result," he said.

"Negotiations on Akkuyu are still ongoing. To coordinate this activity, we created a delegation from both Russia and Turkiye. They held their first meeting, and now they will hold their second. Our president is also keeping a close eye on the situation. There is no agreement yet, but we reminded both parties that they should be more collaborative and use common sense and that the project timeline cannot be postponed," Donmez stressed.

Donmez underlined that the support for natural gas and electricity consumers persists.

"At the moment, our government subsidizes 80 percent on natural gas and 50 percent on electricity at the first stage. It's the same as it was at the start of the year. A subsidy cost of roughly 100 billion lira ($5.4 billion) was announced last year. That number might nearly double this year," he said.

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