26.06.2025 21:30
The Minister of Transport and Infrastructure, Abdulkadir Uraloğlu, stated that Turkey has alternative plans in case Iran closes the Strait of Hormuz. Uraloğlu said, "It would cause serious disruptions, but we have alternative channels. There are routes from Iraq, Azerbaijan, and Russia, and Turkey has storage capacity. It might be a bit challenging, but we can meet our needs."
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As a ceasefire is established between Iran and Israel, Tehran has played the "Strait of Hormuz" card following the U.S. attack on nuclear facilities. While Iran announced that it would close the Strait of Hormuz, which is of great importance for global oil trade, a final decision has not yet been made.
WHAT WILL BE TURKEY'S SCENARIO IF HORMUZ IS CLOSED?
Even the mere threat of Iran closing Hormuz affects oil prices, and what Turkey will do in the event of a possible closure has become a matter of curiosity. Minister of Transport and Infrastructure Abdulkadir Uraloğlu answered this question live on CNN Türk.
URALOĞLU: TURKEY WILL OF COURSE BE AFFECTED
Uraloğlu stated that Turkey has alternative plans: "Even the mere talk of closure has caused a price fluctuation of up to 15% in the global oil markets. About 30% of oil is supplied through the Strait of Hormuz. Therefore, Turkey will of course be affected. However, during this process, we have also had the necessary discussions with our energy minister. Turkey has alternatives. We have options from Iraq, Azerbaijan, and Russia, and Turkey has a storage capacity."
"WE HAVE ALTERNATIVE CHANNELS"
Considering these, I can say that we are not seriously affected in the short term or in such a process. But what if it were to be closed? It would cause serious disruptions, but we have alternative channels. It might be a bit challenging, but we can meet our needs. At this point, we have a development corridor project that we plan to implement.
HE POINTED OUT THE IMPORTANCE OF THE DEVELOPMENT CORRIDOR PROJECT
If the Strait of Hormuz is closed, the shipment of oil and natural gas would be halted. In that case, the things produced in the vicinity of the Persian Gulf, including oil and natural gas, would also remain there. When the Development Corridor is realized, it will be a 1200 km railway, road, and energy transmission line starting from Basra's Faw Port in Iraq and reaching our country in Ova Köy. For example, if this project had been completed today, the markets would not have reacted with a 15% price increase. It's that simple.
THE STRATEGIC IMPORTANCE OF THE STRAIT OF HORMUZ
The narrow waterway of the Strait of Hormuz, located at the mouth of the Persian Gulf, facilitates the transportation of oil and liquefied natural gas (LNG) production from the Middle East to global markets via the Oman Sea and the Indian Ocean. This strategic passage, used for transporting about one-third of the crude oil shipped by sea, plays a critical role in the shipment of crude oil and condensate for producers in the Middle East, primarily Saudi Arabia and the United Arab Emirates. The oil trade in the Strait of Hormuz accounts for one-fifth of the total oil consumption in the world.
Approximately 20 million barrels of oil and oil products pass through the Strait of Hormuz daily, with a large portion reaching Asian markets, especially China. A significant part of Iran's oil exports is shipped to China via the Strait of Hormuz. Similarly, 85% of Iraq's oil also passes through the Strait of Hormuz.
Saudi Arabia accounts for 35% of the total oil transported through the Strait of Hormuz, the United Arab Emirates for 20%, and Iraq for 17%. Additionally, 20% of global natural gas trade also passes through this strait. 87% of Qatar's LNG exports from the Strait of Hormuz are sent to Asia, while 13% go to European countries.
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