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Turkey Finds Energy in Black Sea as Erdogan Vows a New Era

  • No indication of size or depth of discovery announced so far
  • Lira extended gains against the dollar after details emerged
Recep Tayyip Erdogan
Recep Tayyip ErdoganPhotographer: Michael Nagle/Bloomberg
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Turkey has discovered energy in the Black Sea, most likely natural gas, two people with direct knowledge of the matter said Wednesday, but gave no indication of the size and depth of the find, nor how difficult it will be to extract.

The two spoke after President Recep Tayyip Erdogan promised to deliver Turks “good news” on Friday that would usher in a new era for the nation. He has also vowed to pursue energy exploration in contested Mediterranean waters that has triggered rows with the European Union. The president’s office declined to comment.