A solution to the transfer of Israeli gas to Europe via Turkey can be reached through a consortium of private Turkish energy companies, according to Chief Executive of Zorlu Energy Group.
Sinan Ak, chief executive of Zorlu Energy Group, said on Wednesday that if relations between Turkey and Israel are normalized, energy investments could be realized through a different approach than before, through a consortium of private energy companies which could provide the solution in formulating a deal to transfer Israeli natural gas to Europe through Turkey.
In 2010, Turkey and Israel's relations soured over the Turkish Mavi Marmara aid flotilla dispute. Israeli commandos killed eight Turkish nationals and an American of Turkish origin in a raid on the Mavi Marmara sea vessel which was Gaza-bound carrying humanitarian aid and construction materials.
Ak explained that the Israeli natural gas reserves are not state-owned but belong to private companies. Therefore, when new agreements between Turkey and Israel are being considered, a consortium could well be the ideal solution.
Previously, energy companies worked in Israel independently.
Working for mutually beneficial projects in energy, specifically natural gas, could offer a key solution to boost relations between the two, according to Ak.
"Normalization between Turkey and Israel will require a long time as expected, but the latest development [for potential bilateral gas trade with a consortium] is an indication of potential new cooperation between the two," he added.
Batu Aksoy, chief executive of Turcas Petrol confirmed that many discussions and negotiations on the possibilities of transferring natural gas from Israel to various destination including Turkey and Europe are in progress.
"Carrying Israeli natural gas would be one of Turkey's mega projects. We are currently negotiating with EnerjiSa and Zorlu Energy Group," he added.
Moreover, through a potential deal, Israel could provide up to 20 percent of Turkey’s natural gas demand, equivalent to 8 to 10 billion cubic meters per year.
Discovered natural gas reserves amount to 1.1 trillion cubic meters, almost half of which are considered for transfer via natural gas pipelines from Israel to Europe within 20-25 years.
According to Aksoy, the project which could cost around $1 to $3 billion to transfer such volumes through a prospective 500 kilometer-long pipeline from Israel to Turkey would be feasible for private companies.
On Wednesday, Zorlu Energy Group announced that the company activated its second power plant in Israel. The power plant has 55 megawatts of installed capacity.
There are currently three main companies participating in natural gas activities in Israel; Noble, Delek and Avner .
(Anadolu Agency)
