The world's first independent Energy Disputes Arbitration Center (EDAC) focusing on sectoral disputes will start operating in Ankara on Wednesday, Oct. 21, according to the EDAC on Tuesday.
The EDAC, established within but independent of the Energy Law Research Institute, will bring the experience of international experts on energy law from the US, Balkans, Europe, Africa, the Middle East and Asia.
As an independent and impartial body, the center aims to ensure the arbitration process is carried out meticulously and objectively for dispute resolution.
It will consist of a secretariat, a board of directors, both national and international arbitration courts, consultants and arbitrators.
EDAC head Suleyman Bosca told Anadolu Agency that the independence of the center offers both parties the assurance of fair proceedings in a sector that is open to brisk changes.
Bosca explained that through the new center, arbitration proceedings would be conducted swiftly unlike local courts in which international companies often have to seek justice to solve their disputes, which can be a lengthy process.
The workload of local courts combined with insufficient expertise makes it difficult for these courts to quickly rule on disputes decisions and causes the judicial process to be prolonged, he explained.
According to the EDAC, the process in the arbitration center differs from court proceedings because there are no restrictions placed on the parties, but instead, they can avail of arbitrators who will offer their expertise for the safe and fair resolution of disputes in a language of choice for both parties.
Boscal noted the significance of the center for Turkey, given its future aim of becoming an energy hub.
"Turkey aims to become an energy hub in terms of trade and a number of structural developments need to be established to achieve this target. To be able to solve energy disputes arising from energy trade in Turkey will strengthen that aim," he explained.
To achieve its energy trading hub aim, Turkey has taken steps towards liberalizing its electricity and natural gas markets.
By Nuran Erkul Kaya