Turkish Parliament opens way to oil market liberalization

Hurriyet Daily News

A petroleum market draft code has passed into law in General Assembly of the Parliament despite the opposition’s outcry over the measures which diminishes the role of state-owned TPAO in the market.

The Turkish Parliament’s General Assembly has approved a draft code on the petroleum market that comprises regulations to boost the dynamism in the sector by easing the circumstances for private actors and to end rentiers in the sector.

The new law, which is designed to regulate oil exploration and production operations in compliance with the country’s energy policies has passed into law late on May 29.

The government says the new regulations would liberalize the sector significantly.

But opposing groups say that it would leave the state-run Turkish Petroleum Company (TPAO) in a weaker position.

During the discussion of the draft in Parliament, one of the main opposition Republican People’s Party deputies attacked the draft, blaming the government for “not thinking to make exploration and production more efficient and rather seeking ways to please foreign capital.”