The political disputes between the Greek Cypriot administration, Turkey and Greece are hampering the regions' energy projects, Turkey’s Energy Minister Taner Yildiz said on Wednesday.
During his speech at a conference in Ankara, Yildiz said that the recent revival of peace talks between the Turkish Republic of Northern Cyprus (TRNC) and the Greek Cypriot administration, are set to help the region.
Vast reserves of natural gas and oil in the Eastern Mediterranean has provided a new catalyst for peace talks in the region. Energy experts maintain that a Cyprus settlement, together with normalized ties between Turkey and Israel, will turn the Eastern Mediterranean into a new source of energy for the international markets.
"To speak energy-wise, Turkey strongly believes in a structure which will distribute the income from energy resources to both sides in Cyprus rightfully," Yildiz said.
Discussing the South Pars oil field in Iran, Yildiz said that it was Turkey's government that decided not to make any investments in the region, due to unsuitable conditions. However, he added that Turkey is still open to offers from Iran in terms of energy.
Yildiz stated that Turkey has full confidence for the arbitration process on the natural gas price dispute with Iran, starting on February 17.
He said there have been no offers from the Iranian side for a price revision until now.
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