Deloitte forecasts $4 bln energy investments in Turkey this year

Turkey's energy sector is now going through a period of drastic change, according to a new report by Deloitte Turkey's energy and natural resources department. The report, titled "Turkey Electricity Energy Market 2010-2011," follows up of Deloitte's 2007 "Turkey Electricity Energy Market Predictions and Developments" and focuses on the changes since then in Turkey's electricity market. The report says the Turkish electricity sector is in direct interaction with economic and political events in the country and the world, and the sector is undergoing a very dynamic period. "An indispensable element of economic growth, the electric energy sector comprised almost 2.5 percent of Turkey's economy, and between 2005 and 2009 the country's demand increased by almost 4.7 percent," says the report, adding that demand will rise by up to 7 percent through 2018. In order to meet this rising demand, last year the private sector invested almost $3 billion in the electricity production sector, says the report, adding that this will increase to estimated $4 billion in 2010. In related news, the Turkish Petroleum Corporation (TPAO) has reached an agreement with US oil company Chevron to partner on two deep-sea drills in the Black Sea to search for oil reserves, if the deal is approved by Cabinet, Energy and Natural Resources Ministry officials said yesterday.