Turkey talks with UAE on energy investments as tensions ease

After contacts between intelligence and government officials eased tensions, the UAE this month said it was seeking deeper trade and economic ties with Turkey and seven other countries as it looks to defend its global business hub status after the pandemic.

Turkey’s Deputy Energy and Natural Resources Minister Alparslan Bayraktar told reporters in Dubai Tuesday there had been talks with the UAE about investment in Turkish energy projects.

Bayraktar was in Dubai to attend the Gastech 2021 conference, the world’s largest gas expo, as energy officials and hundreds of executives gathered for the industry’s 1^st in-person conference since the pandemic began.

• Turkey is set to witness a significant rise in natural gas demand this year, amid a record spike in gas prices around the world due to higher demand and lower stocks.
• Turkey’s natural gas demand will reach around 60 billion cubic meters (bcm) this year, a noteworthy rise from 45 bcm to 50 bcm that the country consumes on average each year and for which it pays between $12 billion and $15 billion

Turkey imported 48.1 bcm of gas last year, up 6% from a year before, of which a 3^rd were from Russia.
Bayraktar was cited as saying that Turkey was discussing new contracts with several gas companies, including Russian Gazprom.
Yet, he said soaring natural gas prices would be challenging.