According to the data of the Central Bank of the Republic of Turkey (CBRT), Turkey has $289 billion in resources that will contribute to reducing the current account deficit in the medium term. In the period covering 2023-2030, 35.2 percent of the investments and supports aimed at increasing the current account surplus capacity are expected to be met from technology investments, and 21.4 percent from the increase in tourism income.
Projects related to the energy sector account for the largest share in reducing the current account deficit, with 41.6 percent.
Making an evaluation about the energy projects in question, 360 Energy General Manager Dr. Cihad Terzioğlu said that oil and natural gas prices in the global market are the leading factors affecting the energy import bill.
Noting that discoveries are the basis of energy policies that will affect the country’s current account deficit, Terzioğlu said, “Natural gas and oil discoveries continue one after the other. Each new discovery and reserve announcement can herald a new one. Therefore, the impact of energy projects on the current account deficit is even higher than expected in ten years. it could be.” used the phrases.
Reminding that more than 700 billion cubic meters of natural gas was discovered in the Black Sea, Terzioğlu continued as follows:
“After the natural gas, there was also the discovery of oil on land. In the last discovery made in Gabar, when full capacity is reached, there will be a production of 100 thousand barrels per day. Considering that Turkey’s consumption of oil is 1 million barrels per day, with the new discovery, Turkey will meet 20-25 percent of its need. “We foresee that the money we will pay for energy imports will decrease due to natural gas and oil discoveries, together with the discovery of natural gas in the Black Sea and possible other discoveries.”
Clean energy sources and new technologies
Referring to the importance of nuclear energy, which is considered as a clean source, in Turkey’s energy supply security, Terzioğlu said, “As 10 percent of the country’s total electricity needs are met from the 4,800 megawatt Akkuyu nuclear power plant, energy imports decrease and contribute positively to the current account deficit. Another source and renewable energy. Thanks to new tenders and incentives in the renewable energy sector, the financeability of these projects and the appetite for investment increase.” made its assessment.
Terzioğlu stated that important projects were implemented to bring the country’s underground resources to the economy this year, “We can say that the studies on the boron carbide plant and rare earth elements will also have a positive impact on our current account deficit.” said.
Terzioğlu pointed out that some of the high-tech items that can affect more than 100 billion dollars in the next 10 years include projects that can be included in the energy field, and used the following statements:
“Especially electric vehicles and their parts are some of these. We can develop serious import substitute products for these. Especially with the emergence of TOGG, a decision was made to establish a battery production facility. Electric vehicle charging stations began to be established. Technology is being developed in the field of batteries and storage. It is one of the indicators that it can produce imported substitute products in a sense.When you start to produce high engineering products in fields such as electric vehicles, nuclear technology, batteries, storage, you embrace some developments in the defense industry, just as in energy. These developments also contribute to Turkey’s current account deficit. aspects to be provided.
When we put all these together; When we evaluate oil, natural gas discoveries, incentives given to nuclear facilities, renewable energy plants, boron carbide plant and import substitution solutions in rare earth elements, high technology solutions, namely storage, battery, electric vehicles and efficiency opportunities, it will be an important factor in reducing the current account deficit in the next 10 years. There will be an advantage.”
