A good piece on the role of energy - oil in particular - as it plays out in the Turkey-EU relationship on Oilprice.com. Below is an excerpt but read the whole piece as well.
So, the question arises, in the decades-long convoluted accession tango between the EU and Turkey, what will happen and who needs the other more? A decade ago the answer seemed more straightforward, but with the Organization for Economic Cooperation and Development forecasting that Turkey will be the OECD’s fastest growing economy up to 2017, with a 6.7 percent average annual growth rate, Brussels, as it grapples with Greece’s incipient default, might take a new look at both Turkey’s importance to EU energy imports as well as its membership aspirations.And, as for Turkey, its economic growth remains nobbled by the high cost of energy imports. According to Turkey’s Economy Ministry and TurkStat, Turkey's statistics authority of Turkey’s 2011 $240.8 billion in imports, energy cost $54.1 billion and for each $10 per barrel oil prices rise, Turkey shells out an additional $4 billion.It’s good to have friends.Addressing Turkey’s concerns for the energy well-being of its friends Yildiz said of the Istanbul discussions, "Turkey did everything it had to do. The fact that (Azeri Caspian offshore natural gas) Shah Deniz 2 project was signed implies opening up a path to carry natural gas to EU member countries. Up until now, Turkey has assumed a positive mode and will continue its positive approach. We want our meeting to generate a solid result. Turkey, by utilizing its advantages stemming from its geography, continues its works in practice related to the supply of natural gas and electricity to the EU members” before concluding that “energy is a human right. We do not foresee the opening up of the energy chapter to negotiations as a precondition as we meet EU's energy needs.”Time for some reciprocity.By. John C.K. Daly of Oilprice.com
