Three revelations from the World Energy Congress in Istanbul
Now that the triennial World Energy Congress, hosted by the World Energy Council, has come to a close, we take a look at three developments that emerged over the course of the five-day meeting in Istanbul.
1. The ‘Turkish Stream’ project is going to go ahead
For a while, tensions between Turkey and Russia seemed to have halted plans to build a gas pipeline connecting the two countries. However, both Vladimir Putin and Turkish President Recep Tayyip Erdoğan have voiced support for the project at the World Energy Congress.
"We have been providing energy for the EU for the past 50 years," Putin said in a speech. "We are now working on a second project. We are discussing the Turkish Stream with Erdogan and our other partners and we want to bring this about."
Erdogan also weighed in, saying: "We look positively at the Turkish Stream project. Our efforts are continuing."
2. There might be intra-Russian tensions brewing
Vladimir Putin told the energy congress on Monday that Russia would be open to the idea of joining an oil production freeze in line with OPEC — but this was quickly refuted by Rosneft head Igor Sechin. The leader of the Russian state-owned oil major responded “why should we do it?” when asked if the country would be aligning with OPEC’s production cap.
3. The price of oil won’t hinder the transition to renewables
Tom Delay, CEO of the Carbon Trust, told CNBC that the price of oil is not going to make a difference to the uptake of renewable technologies.
"Oil price is one thing: it's not going to make any difference to the transition to a new world order in terms of… more energy efficiency, more renewables, solar coming down in cost, wind coming down in cost, that's a progressive that's happening at the moment," he said.
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