International Conference on Eurasian Economies
17-18 September 2013 – St. Petersburg, RUSSIA
Paper detail
Paper ID : 640
Status : Paper included
Language : Turkish
Topic : Natural Resources and Environment
Presenter: Mr. Mustafa Kemal Topcu
Session : 5D Enerji ve Tabii Kaynaklar
The Effect of Eastern Mediterranean Energy Reserves on Economy of Greek Cypriot Administration of Southern Cyprus
Doğu Akdeniz Enerji Kaynaklarının Güney Kıbrıs Rum Yönetimi Ekonomisine Etkileri
- Prof. Dr. Halil İbrahim Ülker (Atılım University, Türkiye)
- Asst. Prof. Dr. Poyraz Gürson (Atılım University, Türkiye)
- Mr. Mustafa Kemal Topcu (Ankara Chamber of Industry, Türkiye)
- Asst. Prof. Dr. Turan Erman Erkan (Atılım University, Türkiye)
Abstract
Eastern Mediterranean harbors nearly one-sixth or global trade volume. However, challenge in the region is not only related to control over trade route, it is also concerned with sovereignty over energy and events taking place in the Middle East and the North Africa. Situation amid the convergence point among and between Asia, Africa, and Europe, directly control over the Suez Canal and Aegean Sea, and opening point of energy reserves of Middle East and Caucasus to the world empower its strategic position. To this end, geostrategic significance of Cyprus, as a flowing platform and situated in the main heart of Eastern Mediterranean, has been improved with the discovery of hydrocarbon reserves in the region. It was declared that the volume of the reserves is anticipated between 140 and 226 billion m3. In case Greek Cypriot Administration of Southern Cyprus announced its bailout, financial burden of oil and gas reserves as the last resort could not be taken over by itself. In this sense, Greek Cypriot Administration of Southern Cyprus should be cautious in the use of reserves that are the insurance of public future welfare to exploit them to recover its downturn economy.
JEL codes: Q27, Q34, Q43
Session 5D: Enerji ve Tabii Kaynaklar
