Hydrogen will be part of Turkey's short and long-term goals to ensure the security of energy supply, Dönmez said.

Russia is poised to officially open its TurkStream natural gas pipeline on Wednesday, further diversifying export routes to Europe amid a backlash from the U.S.

In the wake of the global financial crisis, growth in Turkey became increasingly dependent on externally-funded credit and demand stimulus, and, as a result, Turkey’s economy began running above potential with a large current account deficit and high inflation.

The Turkish and Azeri presidents on Saturday inaugurated the Europe link of the strategic Trans-Anatolian Natural Gas Pipeline (TANAP).

Renewable energy resources have accounted for 46% of Turkey's electricity generation so far this year, Energy and Natural Resources Minister Fatih Dönmez said Tuesday.

The EBRD expects Turkey’s economy to start growing again in the second half of 2019, although a mild contraction is expected for the year as a whole.

After threatening last week to increase the US tariff on imports of Turkish steel to 50%, President Donald Trump said Wednesday he had instructed the Department of the Treasury to lift all sanctions imposed on Turkey in light of a pause in the latter country's military operations in northeastern Syria -- but some saw the initial threat as hollow and of no major impact on Turkey-US steel trade flows.

The proposed legislation would also impose sanctions on any military transactions with Turkey, set sanctions on anyone who supports Turkey’s domestic energy industry for use by its armed forces, prohibit the sale of U.S. defense articles to the Turkey armed forces and define Turkey’s purchase of Russia’s S-400 missile defense system as “significant” and subject to sanctions.

Plans for the Turkish Wealth Fund (TVF) to take part in investments in the energy sector were highlighted in the New Economy Program (NEP), which covers the period 2020-2022, and will be implemented under the main theme of "Change Begins."

Treasury and Finance Minister Berat Albayrak and his Russian counterpart Anton Siluanov signed an agreement last week on using national currencies in payments and settlements between the two countries, the Russian finance ministry said Tuesday.