This White Paper is a compilation of  several contributions prepared for The Bosphorus Energy Club launch meeting. It aims at setting the scene for discussions in an informed manner. We are grateful for valuable inputs to R. Andreas Kraemer, Charles Bland, Danila Bochkarev, Dieter Helm, Dimitar Bechev, Erik Houlleberghs, Filippo Gamba, Ian Walker, Jaroslav Kinach, Jean-Arnold Vinois, John Roberts, Marat Terterov, Michal Franco Kedmi, Mohammad-Mahmoud Ould Mohamedou, Murat Çolakoğlu, Xu Jiaojie, and Tatsuo Masuda. – Mehmet Öğütçü

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