Minister Bayraktar Delivers Message on ‘Comprehensive Cooperation’

Minister Bayraktar paid a visit to Riyadh, the capital of Saudi Arabia, on the sidelines of the International Energy Forum Ministerial Meeting and the World Petroleum Congress. At the World Petroleum Congress Ministerial Opening Session, themed “The Future of Energy”,  attended by ministers from various countries and representatives from the energy sector, Minister Bayraktar shared Türkiye’s global energy vision.

Solidarity with Saudi Arabia
Speaking at the meeting, Minister Bayraktar emphasized that one of the reasons for his visit to Riyadh was to express support and solidarity with Saudi Arabia in the wake of the terrorist attacks the country had experienced.

Comprehensive Cooperation
Noting that the energy sector faces many challenges, Minister Bayraktar said, “It started with the pandemic and continued with the Russia-Ukraine conflict. We experienced disruptions in the supply chain, faced numerous economic challenges, and saw the cost of capital rise. Now, the latest developments in the Gulf and Iran are putting pressure on energy markets. Through broad-based cooperation, among nations, countries, and companies, we can demonstrate just how resilient the world’s energy markets are,” he said.

Intensive Investment in the Oil and Natural Gas Sector
Minister Bayraktar, noting that they are making intensive investments in the oil and natural gas sector, said, “In addition to these investments, which range from upstream to midstream operations in Türkiye, to underground storage facilities and regasification terminals, we continue to invest and allocate resources for offshore operations both in Türkiye and abroad.”

More Interconnections Are of Critical Importance
Emphasizing the importance of interconnections, Minister Bayraktar said, “Interconnections and more interconnections are of critical importance. Because this will allow us to achieve diversification. That is why we are proposing numerous projects with our neighbors, such as Iraq and Syria, and we continue to increase interconnection capacities in the fields of oil, natural gas, and electricity. I believe we can achieve this with strong political will and determination,” he said.

Energy Security Is the Top Priority
Minister Bayraktar, who also commented on the issue of energy security, stated, “If energy security is not properly addressed, especially during these turbulent times, it will be nearly impossible to pursue a sound strategy. That is why energy security will become the top priority. However, we also need to develop more consistent policies to combat climate change.”

Time to Take Action
Noting that Türkiye has a goal of reducing carbon emissions to zero by 2053, Minister Bayraktar also reminded the audience that Türkiye will host the 2026 United Nations Climate Change Conference (COP31) this year. Stating that electrification plays a significant role on the COP31 agenda, Minister Bayraktar said, “We will convey the message to our society and all COP31 participants that ‘It is time to take action, not just talk.’”

Bilateral Meetings
Following the meeting, Minister Bayraktar also held bilateral meetings with his counterparts. In this context, Minister Bayraktar met with Sherzod Khodjaev, Minister of Energy of Uzbekistan; Khalifa Rajab Abdulsadek, Minister of Oil and Gas of Libya; and Abdulaziz bin Salman AlSaud, Minister of Energy, Industry, and Mineral Resources of Saudi Arabia. As part of his visits in Riyadh, Minister Bayraktar also met with Lorenzo Simonelli, CEO of Baker Hughes.