Turkey Building First LNG Production and Storage Facility

An accomplished oil and gas executive in California, Levon Termendzhyan guides companies in the LNG, diesel fuel, and biofuels sectors while maintaining membership with organizations such as the San Francisco Global Trade Council. Also active in international markets, Levon Termendzhyan leads SBK Holdings, an umbrella company with subsidiaries in the construction, real estate, and energy sectors in Turkey.

One of the world’s fastest-growing economies, Turkey has witnessed strong growth, and its energy demands have kept pace. In recent years, the country’s energy needs have grown exponentially, and Turkey has been forced to import most of its oil and natural gas. As such, the government has been seeking ways to become more energy independent.

In May 2018, Turkey took a step toward that goal when a Turkish energy company, LNG Gaz Uretim Depolama ve Satis AS, received formal permission to construct the first on-shore LNG storage and production facilities in the country’s northern and midwestern regions. The two facilities, planned for the cities of Afyonkarahisar and Corum, will provide critical security and flexibility to the country’s energy industry.

According to company representatives, the project will cost roughly $35 million and should be completed within 18 months.

Renewable Energy Driving Additional Power Generation in Turkey

A California-based oil and gas entrepreneur and investor, Levon Termendzhyan serves as an equity holder with Viscon International and regularly seeks out business opportunities in foreign markets. In 2013, Levon Termendzhyan formed the Turkish-based SBK Holdings and has since invested more than $500 million in the eight energy companies under its umbrella.

Around the world, investments in renewable energy have surpassed investments in traditional energy sources over the past few years. This is particularly true in Turkey, where in 2017 renewables accounted for almost half of the country's power generation. Overall, $5.6 billion was invested in renewable resources in 2017, which was responsible for 65 percent of the 100 megawatts (MW) of power generation capacity added to the power grid.

According to Oguz Can, Turkey's energy and natural resources ministry general director of renewable energy, the country allocated 3,000 MW in wind power in 2017 and led all of Europe in renewable energy capacity creation. Moreover, Turkey ranks among the top 10 European countries in solar and wind power capacity.