OPEC+ expected to hold December oil output targets steady
Gulf members have been increasing exports after months of war-related disruption, but most are still producing well below their targets.
South Korea explores Turkish energy funding as Sinop partner remains undecided
A memorandum calls for examining funding options without specifying an amount, while Seoul seeks a role in Turkey’s second planned nuclear plant.
An agreement signed on November 3, 2026, provides for South Korea and Turkey to examine financing for Turkish energy projects, with Seoul seeking work on the proposed Sinop nuclear plant. Ankara has not decided which partner to select for the project.
The Export-Import Bank of Korea and Turkey Nuclear Energy Inc. signed the memorandum after Presidents Lee Jae Myung and Recep Tayyip Erdoğan met in Seoul. Turkey’s energy ministry said the institutions would review funding possibilities and create an information-sharing group. No financing amount was specified.
Sinop, on the Black Sea coast, would be Turkey’s second nuclear plant. Lee said assessments of the site and joint working-group efforts were in progress. He said the financing memorandum would assist South Korean businesses pursuing participation in Turkey’s nuclear projects.
Erdoğan said in an interview that initial feasibility studies involving Korea Electric Power Corporation, known as KEPCO, had been conducted, while economic and technical assessments continued. He said Turkey would evaluate funding terms, electricity production costs and benefits for its economy before choosing a partner.
The memorandum follows a November 2025 nuclear cooperation agreement between KEPCO and Turkey Nuclear Energy Inc. Other agreements cover hydrogen, renewable energy and critical minerals. Turkey’s energy ministry said a new energy transition forum would convene annually to assess joint projects.
The presidents also agreed to widen cooperation in defense production and technology. Their governments agreed that ministers would lead the joint free trade agreement committee and signed an investment cooperation memorandum.