Turkey's premier Tayyip Erdogan is scheduled to address Parliament later on Tuesday to discuss the raid, which has infuriated Israel's Muslim ally Turkey. Ankara has recalled its envoy to Israel.

Turkey and Israel had studied construction of the Medstream pipeline project that would connect Turkey and Israel for gas, oil and water trade, but worsening of relations between the two nations slowed progress in this project.

A Turkish energy company Zorlu Enerji has plans to build an 800 MW natural gas power plant in Israel.

"We have examined the dimensions of our energy cooperation with Israel, a strategic decision may be taken by Prime Minister's instruction," Yildiz told reporters.

Israel and Turkey have a long and close military alliance and economic relationship. Bilateral trade reached $2.5 billion in 2009, with Turkey buying military hardware from the Jewish state.

Meanwhile, Turkey's Defense Minister Vecdi Gonul said a diplomatic crisis with Israel after the Jewish state stormed a Turkish-backed aid convoy would not affect the planned delivery of Israel-made Heron drones to Turkey.

Earlier this year, the two countries, which have a close military alliance, wrapped up the purchase of 10 Heron drones.