Canadian TransAtlantic Petroleum’s decision to buy Turkish energy company Zorlu Enerji Elektrik Uretim’s Zorlu Petrogas and Amity Oil assets for US$96.5m demonstrates the region’s increasing importance as a major corridor for new oil and gas markets.
Turkey, which shares a border with Iraq, a potential new big source for oil and gas supply, is may also play host to the two major regional developments, namely the Nabucco pipeline, which would run from Asia to Europe, relieving it of Russian dependence, and also the proposed South Stream pipeline running from Russia through the Black Sea to Bulgaria.
Turkey, which shares a border with Iraq, a potential new big source for oil and gas supply, is may also play host to the two major regional developments, namely the Nabucco pipeline, which would run from Asia to Europe, relieving it of Russian dependence, and also the proposed South Stream pipeline running from Russia through the Black Sea to Bulgaria.
But Turkey’s large population also big internal energy demands, making access to producing assets very important. These facts seem to be attracting Canadian Transatlantic’s CEO, Matthew McCann, who told mergermarket earlier this year that, that the company – which already has assets in Morocco, Romania and California – would focus on Turkey in 2010.
Zorlu Enerji is to continue natural gas trading and distribution for the foreseeable future as the company looks to focus more on investments in electric power production.