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A Review of Foreign Direct Investments in Turkish Energy Sector

Year 2018, Volume: 3 Issue: 6, 1 - 16, 08.08.2018

Abstract

Energy sector is one of the key
sectors that can affect economic development and contribute to sustainable
development goals. In addition, growing energy security concerns, maintaining
low costs and improving efficiency warrant implementing various government
policies and encouraging better coordination among different actors. It is in
this context, foreign investments can play an important role in developing
economies to address these issues. The literature on FDIs to other sectors is
colossal and well documented; however, studies on energy sector have been
limited and mostly carried out for the developed economies and major developing
economies. In this paper, a contribution to the literature has been made by
examining analyzing Turkish energy sector, which has promising prospects for
the Middle East and South-Eastern European regions. The review shows that
Turkey has taken steps to create a favorable environment for foreign investors;
yet, it still struggles with structural economic problems and energy-market
related issues. Moreover, European integration process has made significant
contributions to Turkish economy. In this regard, macroeconomic stability and
together with pursuit of economic and institutional reforms to complete
accession negotiations for EU membership is critical to stimulate further
investments into the energy sector.

References

  • Akampurira, E., Root, D., & Shakantu, W. (2009). Stakeholder perceptions in the factors constraining the development and implementation of public private partnerships in the Ugandan electricity sector. Journal of Energy in Southern Africa, 20(2), 2–9.
  • Aleksynska, M., & Havrylchyk, O. (2013). FDI from the south: The role of institutional distance and natural resources. European Journal of Political Economy, 29(null), 38–53. https://doi.org/10.1016/j.ejpoleco.2012.09.001
  • Ali, S., & Guo, W. (2005). Determinants of FDI in China. Journal of Global BUsiness and Technology, 1(2), 21–33.
  • Basar, M., & Tosunoglu, S. (2006). EU integration process: Will Turkey overcome the FDI obstacles? Managing Global Transitions, 4, 115–128. Retrieved from http://www.fm-kp.si/zalozba/ISSN/1581-6311/4_115-128.pdf
  • Bevan, A., Estrin, S., & Meyer, K. (2004). Foreign investment location and institutional development in transition economies. International Business Review, 13(1), 43–64. https://doi.org/10.1016/j.ibusrev.2003.05.005
  • Bezuidenhout, H., Coetzee, Z., & Claassen, C. (2014). Profiling Sectoral Risks of Foreign Direct Investment in Africa Profiling Sectoral Risks of Foreign Direct Investment in Africa (ERSA Working Paper Series No. 415).
  • Bilgili, F., Tülüce, N. S. H., & Doğan, İ. (2012). The determinants of FDI in Turkey: A Markov Regime-Switching approach. Economic Modelling, 29(4), 1161–1169. https://doi.org/10.1016/j.econmod.2012.04.009
  • Biswas, R. (2002). Determinants of Foreign Direct Investment. Review of Development Economics, 6(3), 492–504. https://doi.org/10.1111/1467-9361.00169
  • Blackman, A., & Wu, X. (1999). Foreign direct investment in china’s power sector: trends, benefits and barriers. Energy Policy, 27(12), 695–711. https://doi.org/http://dx.doi.org/10.1016/S0301-4215(99)00063-4
  • Blonigen, B. A. (2005). A Review of the Empirical Literature on FDI Determinants. Retrieved from http://papers.ssrn.com/abstract=714071
  • Blonigen, B. A., & Piger, J. (2011). Determinants of Foreign Direct Investment (NBER Working Paper Series No. 16704). Cambridge, MA.
  • Curran, L., Lv, P., & Spigarelli, F. (2016). Chinese investment in the EU renewable energy sector: Motives, synergies and policy implications. Energy Policy, 101, 670–682. https://doi.org/10.1016/j.enpol.2016.09.018
  • Demekas, D. G., Horváth, B., Ribakova, E., & Wu, Y. (2005). Foreign Direct Investment in Southeastern Europe : How (and How Much) Can Policies Help ?, 31.
  • Demekas, D. G., Horváth, B., Ribakova, E., & Wu, Y. (2007). Foreign direct investment in European transition economies—The role of policies. Journal of Comparative Economics, 35(2), 369–386. https://doi.org/10.1016/j.jce.2007.03.005
  • Dilli, B., & Nyman, K. J. (2015). Turkey’s energy transition milestones and challenges. Washington, D.C. Retrieved from http://documents.worldbank.org/curated/en/2015/10/25201156/turkey’s-energy-transition-milestones-challenges#
  • Dunning, J. H. (2003). Re-evaluating the Benefits of Foreign Direct Investment. London: International Thomson Buiness Press.
  • Eduardo, M., & Martín, S. (2014). How Regional Integration and Transnational Energy Networks Have Boosted FDI in Turkey ( and May Cease to Do So ) A Case Study : How Geo-Political Alliances and Regional Networks Matter, (July).
  • Ekholm, T., Ghoddusi, H., Krey, V., & Riahi, K. (2013). The effect of financial constraints on energy-climate scenarios. Energy Policy, 59, 562–572. https://doi.org/10.1016/j.enpol.2013.04.001
  • Emir, M., Uysal, M., & Doğru, B. (2013). Ülkenin risklilik durumu ile ülkeye gelen doğrudan yabancı yatırım arasındaki ilişki: Türkiye örneği. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), 123–136.
  • EPDK. Dogal Gaz Piyasası Kanunu (2001). Ankara.
  • Erdal, F., & Tatoglu, E. (2002). Locational determinants of foreign direct investment in an emerging market ec ... Multinational Business Review, 10(1), 21.
  • Erkilek, A. (2003). A comparative analysis of inward and outward FDI in Turkey. Transnational Corporations, 12(3), 79–105.
  • Ernst & Young Global Limited. (2016). Renewable Energy Country Attractiveness Index.
  • Gabriele, A. (2004). Policy Alternatives in Reforming Power Utilities in Developing Countries: A Critical Survey (UNCTAD Discussion Papers No. UNCTAD/OSG/DP/2004/2).
  • Hadjit, A., & Moxon Browne, E. (2005). Foreign Direct Investment in Turkey: The Implications of EU Accession. Turkish Studies, 6(3), 321–340. https://doi.org/10.1080/14683840500235423
  • Hornberger, K., Battat, J., & Kusek, P. (2011). Attracting FDI: How Much Does Investment Climate Matter? ViewPoint a Publication of the World Bank Group, 1–4. Retrieved from http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/327-Attracting-FDI.pdf
  • IEA. (2003). Power Generation Investment in Electricity Markets. International Energy Agency, OECD, 104 p., 104. https://doi.org/10.1787/9789264105577-en
  • IMF. (2008). Glossary of Foreign Direct Investment Terms and Definitions. Washington, D.C. Retrieved from https://www.imf.org/external/np/sta/di/
  • Jadhav, P. (2012). Determinants of foreign direct investment in BRICS economies: Analysis of economic, institutional and political factor. Procedia - Social and Behavioral Sciences, 37, 5–14. https://doi.org/10.1016/j.sbspro.2012.03.270
  • Khachoo, A. Q., & Khan, M. I. (2012). Determinants of FDI in ows to developing countries: a panel data analysis. Munich Personal RePEc Archive (MPRA), 37278(37278). Retrieved from https://mpra.ub.uni-muenchen.de/37278/
  • Khatun, F., & Ahamad, M. (2015). Foreign direct investment in the energy and power sector in Bangladesh : Implications for economic growth. Renewable and Sustainable Energy Reviews, 52, 1369–1377. https://doi.org/10.1016/j.rser.2015.08.017
  • Komendantova, N., Patt, A., Barras, L., & Battaglini, A. (2012). Perception of risks in renewable energy projects: The case of concentrated solar power in North Africa. Energy Policy, 40(1), 103–109. https://doi.org/10.1016/j.enpol.2009.12.008
  • Loewendahl, H., & Ertugal-Loewendahl, E. (2000). Turkey’s performance in attracting foreign direct investment; Implications of EU enlargement (CEPS Working Paper Series No. 157). Retrieved from http://aei.pitt.edu/11686/1/67.pdf
  • Lv, P., & Spigarelli, F. (2015). The integration of Chinese and European renewable energy markets : The role of Chinese foreign direct investments. Energy Policy, 81, 14–26. https://doi.org/10.1016/j.enpol.2015.01.042
  • Murat Sirin, S., & Ege, A. (2012). Overcoming problems in Turkeys renewable energy policy: How can EU contribute? Renewable and Sustainable Energy Reviews. https://doi.org/10.1016/j.rser.2012.03.067
  • OECD/IEA. (2007). Tackling Investment Challenges in Power Generation in IEA Countries. International Energy Agency, 1–210. https://doi.org/10.1787/9789264030084-en
  • OECD/IEA. (2008). Deploying Renewables: Principles for Effective Policies. Paris.
  • OECD. (2009). OECD Benchmark Definition of Foreign Direct Investment 2008: Fourth Edition. OECD Publishing. https://doi.org/http://dx.doi.org/10.1787/9789264045743-en
  • OIB. (2016). Ozellestirme Uygulamalari.
  • PwC. (2016). Türkiye Enerji Sektöründeki Birleşme ve Satın Almalar Raporu. İstanbul. Retrieved from http://www.pwc.com.tr/tr/sektorler/enerji-altyapi-madencilik/yayinlar/enerji-sektorundeki-birlesme-ve-satin-almalar.html
  • Resmini, L. (2000). The determinants of foreign direct investment in the CEECS: New evidence from sectoral patterns. Economics of Transition, (8), 665–689.
  • Sethi, D., Guisinger, S. E., Phelan, S. E., & Berg, D. M. (2003). Trends in Foreign Direct Investment Flows: A Theoretical and Empirical Analysis. Journal of International Business Studies, 34(4), 315–326. https://doi.org/10.2307/3557177
  • Sirin, S. M. (2011). Energy market reforms in Turkey and their impact on innovation and R&D expenditures. Renewable and Sustainable Energy Reviews, 15(9). https://doi.org/10.1016/j.rser.2011.07.093
  • Sirin, S. M. (2017). Foreign direct investments (FDIs) in Turkish power sector: A discussion on investments, opportunities and risks. Renewable and Sustainable Energy Reviews, 78. https://doi.org/10.1016/j.rser.2017.05.160
  • Streimikiene, D., & Siksnelyte, I. (2014). Electricity market opening impact on investments in electricity sector. Renewable and Sustainable Energy Reviews, 29, 891–904. https://doi.org/10.1016/j.rser.2013.08.093
  • TBMM. Elektrik Piyasası Kanunu (2013). Ankara. Retrieved from http://www3.epdk.org.tr/index.php/elektrik-piyasasi/mevzuat?id=143
  • Topkaya, S. O. (2012). A discussion on recent developments in Turkey’s emerging solar power market. Renewable and Sustainable Energy Reviews, 16(6), 3754–3765. Retrieved from http://dx.doi.org/10.1016/j.rser.2012.03.019
  • van Wyk, J., & Lal, A. K. (2008). Risk and FDI Flows to Developing Countries. South African Journal of Economic and Management Science, 11(4), 261–262.
  • World Bank. (2010). Investment Climate Assessment From Crisis to Private Sector Led Growth. Washington, D.C. Retrieved from http://documents.worldbank.org/curated/en/155761468318533033/Turkiye-Yatirim-ortami-degerlendirmesi-krizden-ozel-sector-onculugunde-buyumeye
  • World Bank. (2016a). World DataBank. World Development Indicators. Retrieved from http://databank.worldbank.org/data/reports.aspx?source=2&country=TUR&series=&period=#
  • World Bank. (2016b). World Development Indicators. Retrieved January 1, 2016, from http://databank.worldbank.org/
  • Zeng, S., Liu, Y., Liu, C., & Nan, X. (2017). A review of renewable energy investment in the BRICS countries : History , models , problems and solutions. Renewable and Sustainable Energy Reviews, 74(November 2016), 860–872. https://doi.org/10.1016/j.rser.2017.03.016
Year 2018, Volume: 3 Issue: 6, 1 - 16, 08.08.2018

Abstract

References

  • Akampurira, E., Root, D., & Shakantu, W. (2009). Stakeholder perceptions in the factors constraining the development and implementation of public private partnerships in the Ugandan electricity sector. Journal of Energy in Southern Africa, 20(2), 2–9.
  • Aleksynska, M., & Havrylchyk, O. (2013). FDI from the south: The role of institutional distance and natural resources. European Journal of Political Economy, 29(null), 38–53. https://doi.org/10.1016/j.ejpoleco.2012.09.001
  • Ali, S., & Guo, W. (2005). Determinants of FDI in China. Journal of Global BUsiness and Technology, 1(2), 21–33.
  • Basar, M., & Tosunoglu, S. (2006). EU integration process: Will Turkey overcome the FDI obstacles? Managing Global Transitions, 4, 115–128. Retrieved from http://www.fm-kp.si/zalozba/ISSN/1581-6311/4_115-128.pdf
  • Bevan, A., Estrin, S., & Meyer, K. (2004). Foreign investment location and institutional development in transition economies. International Business Review, 13(1), 43–64. https://doi.org/10.1016/j.ibusrev.2003.05.005
  • Bezuidenhout, H., Coetzee, Z., & Claassen, C. (2014). Profiling Sectoral Risks of Foreign Direct Investment in Africa Profiling Sectoral Risks of Foreign Direct Investment in Africa (ERSA Working Paper Series No. 415).
  • Bilgili, F., Tülüce, N. S. H., & Doğan, İ. (2012). The determinants of FDI in Turkey: A Markov Regime-Switching approach. Economic Modelling, 29(4), 1161–1169. https://doi.org/10.1016/j.econmod.2012.04.009
  • Biswas, R. (2002). Determinants of Foreign Direct Investment. Review of Development Economics, 6(3), 492–504. https://doi.org/10.1111/1467-9361.00169
  • Blackman, A., & Wu, X. (1999). Foreign direct investment in china’s power sector: trends, benefits and barriers. Energy Policy, 27(12), 695–711. https://doi.org/http://dx.doi.org/10.1016/S0301-4215(99)00063-4
  • Blonigen, B. A. (2005). A Review of the Empirical Literature on FDI Determinants. Retrieved from http://papers.ssrn.com/abstract=714071
  • Blonigen, B. A., & Piger, J. (2011). Determinants of Foreign Direct Investment (NBER Working Paper Series No. 16704). Cambridge, MA.
  • Curran, L., Lv, P., & Spigarelli, F. (2016). Chinese investment in the EU renewable energy sector: Motives, synergies and policy implications. Energy Policy, 101, 670–682. https://doi.org/10.1016/j.enpol.2016.09.018
  • Demekas, D. G., Horváth, B., Ribakova, E., & Wu, Y. (2005). Foreign Direct Investment in Southeastern Europe : How (and How Much) Can Policies Help ?, 31.
  • Demekas, D. G., Horváth, B., Ribakova, E., & Wu, Y. (2007). Foreign direct investment in European transition economies—The role of policies. Journal of Comparative Economics, 35(2), 369–386. https://doi.org/10.1016/j.jce.2007.03.005
  • Dilli, B., & Nyman, K. J. (2015). Turkey’s energy transition milestones and challenges. Washington, D.C. Retrieved from http://documents.worldbank.org/curated/en/2015/10/25201156/turkey’s-energy-transition-milestones-challenges#
  • Dunning, J. H. (2003). Re-evaluating the Benefits of Foreign Direct Investment. London: International Thomson Buiness Press.
  • Eduardo, M., & Martín, S. (2014). How Regional Integration and Transnational Energy Networks Have Boosted FDI in Turkey ( and May Cease to Do So ) A Case Study : How Geo-Political Alliances and Regional Networks Matter, (July).
  • Ekholm, T., Ghoddusi, H., Krey, V., & Riahi, K. (2013). The effect of financial constraints on energy-climate scenarios. Energy Policy, 59, 562–572. https://doi.org/10.1016/j.enpol.2013.04.001
  • Emir, M., Uysal, M., & Doğru, B. (2013). Ülkenin risklilik durumu ile ülkeye gelen doğrudan yabancı yatırım arasındaki ilişki: Türkiye örneği. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 27(2), 123–136.
  • EPDK. Dogal Gaz Piyasası Kanunu (2001). Ankara.
  • Erdal, F., & Tatoglu, E. (2002). Locational determinants of foreign direct investment in an emerging market ec ... Multinational Business Review, 10(1), 21.
  • Erkilek, A. (2003). A comparative analysis of inward and outward FDI in Turkey. Transnational Corporations, 12(3), 79–105.
  • Ernst & Young Global Limited. (2016). Renewable Energy Country Attractiveness Index.
  • Gabriele, A. (2004). Policy Alternatives in Reforming Power Utilities in Developing Countries: A Critical Survey (UNCTAD Discussion Papers No. UNCTAD/OSG/DP/2004/2).
  • Hadjit, A., & Moxon Browne, E. (2005). Foreign Direct Investment in Turkey: The Implications of EU Accession. Turkish Studies, 6(3), 321–340. https://doi.org/10.1080/14683840500235423
  • Hornberger, K., Battat, J., & Kusek, P. (2011). Attracting FDI: How Much Does Investment Climate Matter? ViewPoint a Publication of the World Bank Group, 1–4. Retrieved from http://siteresources.worldbank.org/FINANCIALSECTOR/Resources/327-Attracting-FDI.pdf
  • IEA. (2003). Power Generation Investment in Electricity Markets. International Energy Agency, OECD, 104 p., 104. https://doi.org/10.1787/9789264105577-en
  • IMF. (2008). Glossary of Foreign Direct Investment Terms and Definitions. Washington, D.C. Retrieved from https://www.imf.org/external/np/sta/di/
  • Jadhav, P. (2012). Determinants of foreign direct investment in BRICS economies: Analysis of economic, institutional and political factor. Procedia - Social and Behavioral Sciences, 37, 5–14. https://doi.org/10.1016/j.sbspro.2012.03.270
  • Khachoo, A. Q., & Khan, M. I. (2012). Determinants of FDI in ows to developing countries: a panel data analysis. Munich Personal RePEc Archive (MPRA), 37278(37278). Retrieved from https://mpra.ub.uni-muenchen.de/37278/
  • Khatun, F., & Ahamad, M. (2015). Foreign direct investment in the energy and power sector in Bangladesh : Implications for economic growth. Renewable and Sustainable Energy Reviews, 52, 1369–1377. https://doi.org/10.1016/j.rser.2015.08.017
  • Komendantova, N., Patt, A., Barras, L., & Battaglini, A. (2012). Perception of risks in renewable energy projects: The case of concentrated solar power in North Africa. Energy Policy, 40(1), 103–109. https://doi.org/10.1016/j.enpol.2009.12.008
  • Loewendahl, H., & Ertugal-Loewendahl, E. (2000). Turkey’s performance in attracting foreign direct investment; Implications of EU enlargement (CEPS Working Paper Series No. 157). Retrieved from http://aei.pitt.edu/11686/1/67.pdf
  • Lv, P., & Spigarelli, F. (2015). The integration of Chinese and European renewable energy markets : The role of Chinese foreign direct investments. Energy Policy, 81, 14–26. https://doi.org/10.1016/j.enpol.2015.01.042
  • Murat Sirin, S., & Ege, A. (2012). Overcoming problems in Turkeys renewable energy policy: How can EU contribute? Renewable and Sustainable Energy Reviews. https://doi.org/10.1016/j.rser.2012.03.067
  • OECD/IEA. (2007). Tackling Investment Challenges in Power Generation in IEA Countries. International Energy Agency, 1–210. https://doi.org/10.1787/9789264030084-en
  • OECD/IEA. (2008). Deploying Renewables: Principles for Effective Policies. Paris.
  • OECD. (2009). OECD Benchmark Definition of Foreign Direct Investment 2008: Fourth Edition. OECD Publishing. https://doi.org/http://dx.doi.org/10.1787/9789264045743-en
  • OIB. (2016). Ozellestirme Uygulamalari.
  • PwC. (2016). Türkiye Enerji Sektöründeki Birleşme ve Satın Almalar Raporu. İstanbul. Retrieved from http://www.pwc.com.tr/tr/sektorler/enerji-altyapi-madencilik/yayinlar/enerji-sektorundeki-birlesme-ve-satin-almalar.html
  • Resmini, L. (2000). The determinants of foreign direct investment in the CEECS: New evidence from sectoral patterns. Economics of Transition, (8), 665–689.
  • Sethi, D., Guisinger, S. E., Phelan, S. E., & Berg, D. M. (2003). Trends in Foreign Direct Investment Flows: A Theoretical and Empirical Analysis. Journal of International Business Studies, 34(4), 315–326. https://doi.org/10.2307/3557177
  • Sirin, S. M. (2011). Energy market reforms in Turkey and their impact on innovation and R&D expenditures. Renewable and Sustainable Energy Reviews, 15(9). https://doi.org/10.1016/j.rser.2011.07.093
  • Sirin, S. M. (2017). Foreign direct investments (FDIs) in Turkish power sector: A discussion on investments, opportunities and risks. Renewable and Sustainable Energy Reviews, 78. https://doi.org/10.1016/j.rser.2017.05.160
  • Streimikiene, D., & Siksnelyte, I. (2014). Electricity market opening impact on investments in electricity sector. Renewable and Sustainable Energy Reviews, 29, 891–904. https://doi.org/10.1016/j.rser.2013.08.093
  • TBMM. Elektrik Piyasası Kanunu (2013). Ankara. Retrieved from http://www3.epdk.org.tr/index.php/elektrik-piyasasi/mevzuat?id=143
  • Topkaya, S. O. (2012). A discussion on recent developments in Turkey’s emerging solar power market. Renewable and Sustainable Energy Reviews, 16(6), 3754–3765. Retrieved from http://dx.doi.org/10.1016/j.rser.2012.03.019
  • van Wyk, J., & Lal, A. K. (2008). Risk and FDI Flows to Developing Countries. South African Journal of Economic and Management Science, 11(4), 261–262.
  • World Bank. (2010). Investment Climate Assessment From Crisis to Private Sector Led Growth. Washington, D.C. Retrieved from http://documents.worldbank.org/curated/en/155761468318533033/Turkiye-Yatirim-ortami-degerlendirmesi-krizden-ozel-sector-onculugunde-buyumeye
  • World Bank. (2016a). World DataBank. World Development Indicators. Retrieved from http://databank.worldbank.org/data/reports.aspx?source=2&country=TUR&series=&period=#
  • World Bank. (2016b). World Development Indicators. Retrieved January 1, 2016, from http://databank.worldbank.org/
  • Zeng, S., Liu, Y., Liu, C., & Nan, X. (2017). A review of renewable energy investment in the BRICS countries : History , models , problems and solutions. Renewable and Sustainable Energy Reviews, 74(November 2016), 860–872. https://doi.org/10.1016/j.rser.2017.03.016
There are 52 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Syed Fakhre Mahmud

Selahattin M Sirin This is me

Publication Date August 8, 2018
Submission Date April 26, 2018
Acceptance Date August 8, 2018
Published in Issue Year 2018 Volume: 3 Issue: 6

Cite

APA Mahmud, S. F., & Sirin, S. M. (2018). A Review of Foreign Direct Investments in Turkish Energy Sector. Turkish Journal of Energy Policy, 3(6), 1-16.
AMA Mahmud SF, Sirin SM. A Review of Foreign Direct Investments in Turkish Energy Sector. TJEP. August 2018;3(6):1-16.
Chicago Mahmud, Syed Fakhre, and Selahattin M Sirin. “A Review of Foreign Direct Investments in Turkish Energy Sector”. Turkish Journal of Energy Policy 3, no. 6 (August 2018): 1-16.
EndNote Mahmud SF, Sirin SM (August 1, 2018) A Review of Foreign Direct Investments in Turkish Energy Sector. Turkish Journal of Energy Policy 3 6 1–16.
IEEE S. F. Mahmud and S. M. Sirin, “A Review of Foreign Direct Investments in Turkish Energy Sector”, TJEP, vol. 3, no. 6, pp. 1–16, 2018.
ISNAD Mahmud, Syed Fakhre - Sirin, Selahattin M. “A Review of Foreign Direct Investments in Turkish Energy Sector”. Turkish Journal of Energy Policy 3/6 (August 2018), 1-16.
JAMA Mahmud SF, Sirin SM. A Review of Foreign Direct Investments in Turkish Energy Sector. TJEP. 2018;3:1–16.
MLA Mahmud, Syed Fakhre and Selahattin M Sirin. “A Review of Foreign Direct Investments in Turkish Energy Sector”. Turkish Journal of Energy Policy, vol. 3, no. 6, 2018, pp. 1-16.
Vancouver Mahmud SF, Sirin SM. A Review of Foreign Direct Investments in Turkish Energy Sector. TJEP. 2018;3(6):1-16.