Sky Harvest Windpower Corp., Vancouver, BC, said it has formed a joint venture under the name Levant Energy Inc., a British Columbia corporation, to develop underground natural gas storage fields in Turkey.
Sky Harvest will initially hold a 65% interest in the joint venture by investing $500,000 in Levant Energy, subject to arranging financing. It is anticipated that Sky Harvest’s interest in Levant Energy will be diluted as funds are raised.
Turkey is experiencing rapid economic growth and is strategically positioned as a gas hub between Europe and the producing gas fields in the Northern Caspian and Middle East regions. Turkey must meet European Union directives that require pipelines supplying Europe to have access to a nominal 20% of volumes stored as gas to ensure security of supply.
Turkey’s installed storage capacity is 4% as there are only two adjacent, seasonal gas storage sites operating in the country and one more site to be developed.
Sky Harvest has retained Bertan Atalay of The Hague, Netherlands, to act as president and chief executive of Levant Energy and to introduce Sky Harvest to further acquisition opportunities in renewable energy and related sectors in North America, Turkey, and Europe.