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(Bloomberg) — Turkey and South Korea are discussing the joint construction of a nuclear power plant, the latest of recent efforts by Ankara to diversify its energy sources.
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The aim is for Seoul and Korea Electric Power Corporation “to present a binding proposal” in order to advance negotiations, Turkish Energy Minister Alparslan Bayraktar said in an interview on Wednesday. “Our goal is to reach a decision this year.”
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Bayraktar also said that Turkey and Electricite de France SA could produce a memorandum of understanding “over small modular reactors” after talks earlier this week, which are in very early stages.
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Ankara is trying to diversify its resources to increase its energy security and eventually become a global player. Turkey is a conduit for natural gas running between Central Asia and Europe and acts as a terminal for oil piped in from Iraq and the Caucasus. But it is still heavily reliant on imports for its own needs.
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In addition to the nuclear plant — which will be situated along the Black Sea coast — state-run energy companies Turkish Petroleum Corp. and Botas are exploring investments in Canadian oil and gas fields, Bayraktar said. The push into Canada follows a similar search in the US that kicked off in December.
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Ankara is also ramping up oil exploration in the Black Sea, including in a partnership with Shell off the coast of Bulgaria.
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The new nuclear facility would join a power plant being built by Russia’s Rosatom along Turkey’s Mediterranean coast that is scheduled to come online later this year. Ankara is also planning a third plant for the northwestern Thrace region but has yet to announce a potential builder.
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—With assistance from Selcan Hacaoglu and Patrick Sykes.
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