We Have No Supply or Procurement Issues

Minister Bayraktar appeared as a guest on the Anadolu Agency (AA) Editorial Desk program and answered journalists’ questions regarding current events. Minister Bayraktar summarized his remarks as follows:

THE CRISIS IN THE STRAIT OF HURMUZ: The geopolitical tension and conflict we are currently experiencing is a massive crisis with global implications. If it persists, we face a crisis whose effects could be far more devastating on a global scale and could impact the global economy.

NO ENERGY SUPPLY SECURITY ISSUE: At present, there appears to be no issue regarding energy supply security for our country. Both our energy infrastructure and the implementation of the diversification policy we have pursued to date are keeping us in a safe position. Currently, there is no energy supply security issue from the perspective of our country or our citizens. 

AT A LEVEL WE CAN MANAGE WITH 10 PERCENT: Twenty percent of the world’s oil flows through the Strait of Hormuz, but it isn’t flowing today. Twenty percent of the LNG supplied to the world can no longer pass through here. Therefore, we are facing a serious supply crisis. Do we import oil from here? Saudi Arabia and Iraq are our two suppliers. Approximately 15% of our total supply used to come from this region. A significant portion of the oil we receive from Iraq also comes via this pipeline. Our dependence on this region is at a level we can manage with 10% of our oil supply. As for natural gas, we had no natural gas imports from this region. Currently, Türkiye has no issues regarding supply or procurement.

WE HAVE OUR OWN PRODUCT, AND NO SUPPLY ISSUES: Some countries around the world have implemented measures, such as declaring a state of emergency—like the Philippines. Türkiye currently faces no such issue. Türkiye has no need for something like, “You can buy 50 liters, but no more.” We have the product. Our refineries are operating. Due to our low dependence on this region, we are not experiencing any supply issues from the global market either. 

NEW DRILLING IN THE BLACK SEA: We are beginning a new drilling operation in the Black Sea using the Abdülhamid Han vessel. The drill bit will begin rotating in the Kandıra-2 well at 4:00 a.m. tomorrow morning. In April, we will drill the Eflani-1 well with the Fatih, again offshore north of Bartın. Our work related to new discoveries continues. 

DRILLING IN SOMALIA IN APRIL: The Çağrı Bey will begin operations in Somalia on April 10.

NEW AGREEMENT WITH TOTAL: At the core of the strategy we outlined for 2026 was the need for Türkiye to engage in more intensive activities abroad. Since the beginning of the year, we have signed cooperation agreements with Chevron, Exxon, BP, and Shell. We plan to sign an agreement with Total soon. By evaluating potential fields with other companies and pursuing partnerships, potential acquisitions, or equity investments, 2026 will be a very important year for us, and we will see a year where Turkish Petroleum is actively engaged abroad.

A BIGGER GOAL IN RENEWABLES: This year marks the revision of Türkiye’s 30-year long-term energy plan, which we established in 2021. Türkiye must utilize its domestic and renewable resources to the fullest extent. We have a target of 120,000 megawatts of wind and solar power by 2035. This year is a COP year; the United Nations Climate Conference will be held in Antalya, with Türkiye serving as the host country. Perhaps our President may announce an even larger target to the world—we are preparing for that. 

OIL HUB IN CEYHAN: We are taking proactive measures to ensure our supply security. What else is involved? In particular, there is a major oil and petroleum products storage project centered in Ceyhan. We can truly transform Ceyhan into an oil hub. There is a capacity to handle 1.5 million barrels via the ITP. Approximately 600,000 barrels of oil arrive daily via the Baku-Tbilisi-Ceyhan pipeline, which has a capacity of 1 million barrels. Therefore, imagine a scenario where that full capacity is operational—potentially including Central Asian and Kazakh oil—resulting in 2.5 million barrels arriving in Ceyhan. A place where products from various parts of the world can be traded.

NATURAL GAS STORAGE FACILITIES: We aim to increase their capacity. Our storage facilities are currently about 70% full. We do not know how long the effects of this crisis will last, so we are currently making an effort to fill our storage facilities. We have no issues regarding storage capacity. We can maintain stockpiles of oil and petroleum products in our storage facilities.

NUCLEAR: All our efforts are focused on generating the first electricity from Akkuyu this year. In a sense, this year marks the 70th anniversary of nuclear energy for us. It would truly be fitting to mark this 70th anniversary by generating electricity from our first reactor. If we can make it by October 29, we’ll aim for October 29, but our goal is to achieve the first electricity production within this year. There is intense work underway. The new nuclear era will be driven by small modular reactors in particular. We are preparing legislation for small modular reactors. We will have it ready for this year’s legislative session, thereby establishing a legal framework for it. Had the July 15 coup attempt succeeded, the Akkuyu Nuclear Power Plant would have had no chance of continuing. Therefore, the continuation of this political stability and strong political will is one of the most critical factors for the implementation of these projects, including small modular reactors.

NATURAL GAS SUPPLY: Türkiye has no supply security issues regarding oil, petroleum products, natural gas, or electricity. This concerns our citizens—all 86 million of them. But how we achieve this is our internal work. Currently, there are no gas supply disruptions with the countries Türkiye has supply agreements with.

NO REASON FOR CONCERN: This crisis is truly a massive one. Its security, energy, and economic dimensions are of a scale that could deeply affect the entire global economy. Of course, it’s not easy for Türkiye to isolate itself from this, but I don’t want to cause panic either—there’s no reason for panic. Our President delivered a very clear message in his remarks following yesterday’s cabinet meeting: “We will keep our country outside this ring of fire.” I want to emphasize how important this is. From an energy perspective, we have taken the necessary precautions. We are managing this process by striving to ensure that citizens do not feel the impact, both in terms of supply and prices. How long this process will last is significant, but there is no cause for concern at this moment. Hopefully, it will be resolved soon, and a new normal will emerge in this regard.