Turkey interested in Venezuelan oil

For more than 50 years, the Republic of Turkey and Venezuela have developed a bilateral a relation. Nevertheless, the political, social, or economic exchanges between Caracas and Ankara have been scarce.

Over the last 10 years, Turkey has achieved substantial economic development, recording an average growth rate of GDP over 5%, in spite of the 2008-2009 slowdown due to the global financial crisis. Turkey has managed to develop several industries, including automotive, appliances, pottery, cement, textile, agriculture, and food.

Given the exponential growth of its economy, Turkey's energy requirements have increased, and that is where Venezuela comes into play. Turkey's ambassador to Caracas, Muhsin Tugrul Kiliçaslan, explained that a bilateral Energy Cooperation Agreement has been recently signed between Turkey and Venezuela, under which Venezuela sends oil to Turkey in exchange for the construction of dwellings. "We started the cooperation in the construction sector. It is a win-win situation for both parties. You (Venezuela) need construction and we (Turkey) are very good at it and we require oil," the ambassador remarked.

He mentioned that in northern Vargas state, 1,480 dwellings were built for the Great Mission Housing Venezuela by Turkish construction firm Summa from November 2011 to May 2012. Further projects with Turkish firms are expected.