Minister of Economy and Energy Sunat Atun has said ‘excellent source rock’ has been discovered in hydrocarbon exploration carried out off the coast of the TRNC and within Turkey’s continental shelf since 2012.
Speaking on BRT, the TRNC Energy Minister said that the discovery of the source rock was an important indicator of the presence of valuable gas reserves.
He said that drilling in the area was expected to commence by 2018.
Atun also said that the gas to be discovered would be piped to the European Market via the Ceyhan pipeline.
Also touching upon the project to bring electricity to the TRNC from Turkey via a suspended underwater cable, Atun said that the planning phase for the project was almost complete.
He said that the system was in place, will lower energy costs in the country.
On the economy, Minister Atun said that important steps had been taken during his government’s term in office regarding the developments of the private sector and infrastructural investments.
He said that the balance budget received was important proof of the transformation that has taken place.
Atun also said that the TRNC had accomplished much in terms of the economy in the 34 years of its existence.