EUR
enThe end of the Lausanne Treaty: new economic opportunities for Turkey
The Treaty of Lausanne was signed on July 24, 1923, after the end of the Greek-Turkish War of 1919-1922. President Recep Tayyip Erdogan referred to this document many times, calling it humiliating for the country, because in addition to losing control over a large number of territories (Lebanon, Syria, islands in the Aegean Sea, etc.), the treaty forbade the mining and development of gas fields in Turkey for the next hundred years.
Of course, such harsh conditions did not please either the authorities of the country or its citizens at all. Especially, taking into account the fact that there are plenty of places for oil and gas extraction on the territory of the country. And not only them. For example, 73.2% of the world's boron reserves are in Turkey.
And now, in 2023, the term of this agreement has finally come to an end and Turkey is on the threshold of large-scale economic events. The country's president has been making preparations for the end of the treaty in advance by engaging geo-exploration experts, developing an action plan and making agreements with other countries in the field of mining. For example, as part of the preparations, the country purchased a modern drilling vessel Abdülhamid Han, which has already carried out drilling operations at the Yörükler-1 and Taşucu-1 wells in the Mediterranean Sea, and has now started drilling the Akseki-1 well.
By the way, the conditions for the passage of ships through the Bosporus were also stipulated in the Lausanne Treaty in the Convention on Turkish Straits. Significant changes are probably coming in this issue as well.
