Fatih Dönmez

Türkiye is holding talks with Oman for natural gas trade, Energy and Natural Resources Minister Fatih Dönmez has said.
The minister recalled he engaged in diplomatic efforts for energy last month, visiting several countries amid the sharp increase in global energy prices.

Natural gas and electricity prices have been hiked, authorities have announced, citing rising costs globally.

Electricity prices for households were increased by 20 percent, effective Sept. 1, the Energy Market Regulatory Authority (EPDK) said in a statement.

Under the new tariff, households will pay 173.5 Turkish Liras/100 kilowatts per hour.

The Economy Coordination Board, chaired by Vice President Fuat Oktay, convened on Aug. 30 to discuss the specifics of the medium-term program, covering 2023-2025.

Members of the board discussed the macroeconomic framework and the budget, said a statement released after the meeting.

Energy Minister Fatih Dönmez said the work on the natural gas discovered in the Black Sea continues and they aim to "burn this gas on land in the first quarter of 2023, in March."

Türkiye aims to finalize its current drills for natural gas in the Black Sea wells in 2023, the minister told the Anadolu Agency on Aug. 11.

Investments of $1.3 billion aimed at energy efficiency helped Türkiye save $372 million in 2021, according to data from the Energy and Natural Resources Ministry.

Türkiye launched its National Energy Efficiency Action Plan in 2018, which targets to increase efficiency in buildings, industry, transport, agriculture and other sectors.

Work for deep-sea pipelaying to transfer the natural gas found in the Black Sea has begun, Energy and Natural Resources Minister Fatih Dönmez has said.

"Pipelaying in shallow waters is complete. Works at the energy base 2,500 meters deep in the Black Sea are continuing 24/7," Dönmez tweeted on July 11, with a photo of the Castorone ship, which lays the pipes.

Turkey aims to increase its solar power panel production capacity to 9,110 megawatts by 2023 and become one of the top three producers in the world in this field, Energy and Natural Resources Minister Fatih Dönmez has said.

The government will be able to oversee price moves instantly with a new digital system, according to a decision taken at the Economy Coordination Board meeting on April 13.

The recent development in the global supply chains and the effects of rising commodity prices on the inflation rates were evaluated at the meeting chaired by Vice President Fuat Oktay, according to a statement.

In its fourth meeting, the Price Stability Committee vowed to fight soaring inflation rates with "new policies to achieve security of supply against excessive price hikes," according to a statement released by the Treasury and Finance Ministry late on April 5.

Turkey aims to counter rising global energy prices by developing more renewable energy projects, Energy and Natural Resources Minister Fatih Dönmez said on Feb. 22.