Turkey's South Stream project "excellent for producers": IEA

Turkey's forthcoming South Stream pipeline project, will be "excellent for producers," International Energy Agency (IEA) Executive Director Fatih Birol told TRT World on Thursday, "and for Turkey as a transit hub. But mainly for Europe to diversify its gas imports from Russia."

The proposed Turkish Stream gas pipeline will carry 63 billion cubic metres of Russian gas supplies through Turkey's exclusive economic zones in the Black sea and then expected to traverse Greece en route to Europe.

Speaking on the sidelines of the eighth Atlantic Council Istanbul Summit, Birol also said that "Turkey's geopolitical position is excellent. Turkey's neighbours are blessed with hydrocarbon resources."

"Russia, the Caspian countries, Iran and the Gulf countries account for 70 percent of global resources," he said. "From that angle, Turkey has a very advantageous position to transport that oil and gas to established markets such as European markets and also emerging markets such as Asian."

"It's very important that peace and stability in the market and in the region is there, in order to make business. I hope for much calmer days in the region in the days to come."

Turkey and the US to cooperate on energy

In his keynote speech at the same conference, Secretary of Energy from the US Department of Energy, Rick Perry said in a speech that Turkey and the U.S. will continue to build on their successful energy cooperation as the US views Turkey as an important energy hub.

"The two NATO allies are not only significant trading partners but most importantly they are friends," Perry said, adding that the "US is proud of its cooperation with Turkey."