Bayraktar: Akkuyu electricity to be used from 2027 onwards, TPAO targets daily 1 million barrels

Energy and Natural Resources Minister Alparslan Bayraktar announced that electricity generated from the Akkuyu Nuclear Power Plant will begin to be used in Turkey from 2027 onwards; Anadolu Agency reported.

Speaking at the 16th Turkey Energy Summit held in Istanbul, Bayraktar stated that the National Energy 2040 Vision to be shared with the public on November 5 aims to increase electricity intensity across all sectors of the economy. "We will present a very comprehensive plan that shows how Turkey will achieve energy independence," he said.

Reporting that Turkey Petroleum Corporation (TPAO) currently produces 300,000 barrels of oil and gas per day, Bayraktar said, "We will reach 550,000 to 600,000 barrels by 2028. The target is to reach daily production of 1 million barrels." Noting that new company acquisitions and partnerships could be on the agenda before the year ends, Bayraktar said, "New announcements and good news may come" and "we may acquire companies," adding that they would continue partnerships, that new fields and new countries could be involved, and that they wanted to reach the 1 million barrel target along with these developments.

Addressing developments at the Strait of Hormuz, Bayraktar noted that transits had stopped at the strait through which approximately 20 percent of the world's oil passes, and that daily tanker rates had risen from 30,000 dollars to over 1 million dollars. Emphasizing the importance of the TurkStream Natural Gas Pipeline within the framework of a diversification strategy, Bayraktar said that natural gas previously reached the Thrace region, which also includes Istanbul, through Ukraine, Moldova, Romania, and Bulgaria, but has been sourced directly via TurkStream since 2020. He stated that thanks to these steps, Turkey experienced no supply disruptions despite the major oil and supply crisis that began in February.