RIYADH: Turkey seeks to strengthen its cooperation in its relations with Saudi Arabia and other countries in its plans to become an energy hub for Europe the finance minister told reporters.
On the sidelines of the sixth session of the Future Investment Initiative forum in Riyadh, The minister did not discuss further ways the two countries could collaborate, but he said there is a chance that peace within the region could lower the costs of energy.
Saudi Arabia is the largest exporter of oil around the globe. The gas reserves of Saudi Arabia total around 300 trillion cubic feet which makes it the fifth largest gas reserve worldwide. The Kingdom does not export gas, and plans to increase production to meet local demand, and reduce the use of petroleum and other liquids in energy generation.
Nebati’s remarks come a month after Turkish president Recep Tayyip Erdogan declared that he was in agreement in a meeting with Russian colleague Vladimir Putin to form a natural gas hub in Turkey.
Addressing the members of the AK Party in parliament on October 19 Erdogan stated that Putin has said Europe could get its gas supplies via the hub located in Turkey.
Saudi Arabia is also increasing the exports of its oil to Europe according to the minister of energy Prince Abdulaziz bin Salman at the same ceremony in Riyadh. The minister said that shipments during September nearly tripled from the month before which topped 950,000 barrels per day.
Nebati stated that Turkey is seeking to strengthen cooperation in the field of economics in the region with Saudi Arabia which will benefit the region. In the coming period, the collaboration between Saudi Arabia and Turkey will bring about new cooperation zones, and, in line with Saudi Arabia and Turkey’s 2023 vision, we’ll step into the new century and aid in bringing peace and prosperity to the region.
He also said that Turkey supports the Kingdom’s bid for hosting the 2030 Expo and the two nations are united in fighting the threat of terrorism.
Turkish economic growth
The Turkish economy expanded by 7.6 percent on an annual basis during the 2nd quarter of 2022. This led to a 7.5% growth in GDP in the first quarter of the calendar year. In the year prior, the economy expanded to 11.8 percent, as per official statistics.
If you take a look at this increase, it occurred due to trade with the domestic market and foreign trade as well as well-balanced growth. It demonstrates the internal potential of a growing population and the potential to be an important hub for manufacturing and production.
Nebati explained the Turkish economic model is based on productivity, investment, and employment. In the coming period, reducing energy and commodity prices will contribute to establishing a balance in the current deficit, and that will allow Turkey to solve all the challenges that we lived through since last year.