ISLAMABAD: Turkey's importance in world energy markets is growing-both as a regional energy transit hub and as a consumer, according to a U.S-based energy research institute.
According to an analysis on Turkey published online by the Energy Information Administration, the country's role as an energy hub has become increasingly important due to it geopolitical value, Anadolu Agency reports.
As well as being located at the cross roads between the oil-rich former Soviet Union and Middle East countries, the east of the country holds nearly 70 percent of world's proven oil and natural gas reserves.
And to its west lie the European energy markets, which consume nearly the 70 percent of world's energy resources.
The oil-rich Caspian and Middle Eastern countries have formed connections with Turkey in order for their exports to reach to some of world's biggest consumers in Europe.
Turkey's largest oil pipeline by capacity-the 1,000km-long Kirkuk-Ceyhan line-serves as a transport pipeline for Iraqi oil and consists of two lines with a capacity of 1.65 million barrels a day (bld).
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