Turkish Petroleum (TP) will go public after the 22nd World Petroleum Congress (WPC) which will be held in Istanbul between July 9 and 13, 2017, TP CEO and Chairman Besim Sisman said Tuesday.
Speaking at the GREAT Regional Oil and Gas Summit in Istanbul, Sisman said that going public was on the cards for a long time.
Sisman said that oil prices should be around $60 per barrel for the process to go through and he anticipates that the company will finish its preparations in July 2017. He added that it is up to the Turkish government to make the final decision to go public.
TP is Turkey's national oil company involved in the oil and natural gas upstream sector (exploration, drilling, well completion and production). The company searches energy investment opportunities mainly for oil and gas projects in foreign countries as Turkey has scarce hydrocarbon resources to exploit, which can only meet 2 percent of its daily domestic consumption.
Sisman acknowledged the difficulties in the global energy market but asserted that opportunities are there not just for TP but also for international energy companies.
"Companies should continue to invest in energy. We are doing it. Turkey took very important steps in 2000's in the energy industry," Sisman said, adding that Turkey needs to attract foreign investment and make more investments in renewables through wind and solar power.
Turkey paid $37 billion for energy imports in 2015.
Turkey's natural gas consumption for 2016 is expected to be around 49.5 billion cubic meters (bcm), Turkey's energy watchdog, EMRA announced on Saturday.
Sisman, who is also chairman of WPC Turkish National Committee, said that the upcoming 22nd WPC congress under the theme of "Bridges to Our Energy Future", will provide open dialogue for the industry's 20,000 participants, 5,000 decision makers and 50 ministers from over 100 countries.