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An International Court of Arbitration will be set up in Istanbul to deal with dispute resolution of international energy cases, according to law experts.
"International arbitration is preferred by companies in recent years instead of local courts in the event of commercial litigation," said Harun Kilic, a lawyer from Turkey.
Kilic said that energy is an international issue, which forms a basis for international arbitration.
"Energy projects bring a lot of market actors together such as financiers, international investors and suppliers, and that's why it needs a court of arbitration for settling international commercial disputes," Kilic said, adding that the center will need to retain its independence.
Turkey decided to establish a privately-managed arbitration center in Istanbul in which companies can apply to solve their disputes prior to filing lawsuits in courts, said Ali Babacan, the deputy prime minister of Turkey in 2013.
"Turkey's location is very important for energy resources. We can say that Turkey is a bridge between the energy producing and the energy consuming countries. Most energy agreements are signed by companies around Turkey," said Suleyman Bosca, president of Turkey's Energy Law Research Institute.
Bosca stressed that Turkey needs $10 billion worth of investment annually for its energy needs and consequently Turkey will sign agreements up to this amount every year.
"New deals will bring new conflicts, and in such circumstances the Istanbul Arbitration Center will be a solution while at the same time it will raise Turkey's international reputation," Bosca added.
www.aa.com.tr/en - Ankara
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