Important News
Siemens and Bombardier are Close to Two Joint Ventures for Rolling Stock and Signaling
Abroad Company News Railways
7/25/2017
German Siemens and Canada's Bombardier are in the final stages of talks to combine their rail operations, to compete against Chinese rivals. The deal, which would create two separate joint ventures for their signaling and rolling-stock divisions, expected to be announced as early as August...
22nd World Petroleum Congress (II)
Conferances Natural Gas
7/11/2017
IEA’s Executive Director Birol: “The amount of gas produced by USA only from shale gas has reached the level of 2 Qatars. The US will cover all domestic gas needs in the near future and will become a prominent gas exporter. US oil will provide abundance to the market and this will result with a downward pressure in prices.” Russia’s Energy Minister Novak: “We plan to put the first unit of Akkuyu Nuclear Power Plant into operation in 2023.” SOCAR President Abdullayev: “The 12.6 billion dollar portion of an investment of $ 19.5 billion planned to be made in Turkey has been completed.”
22nd World Petroleum Congress
Conferances Research Natural Gas Nuclear
7/10/2017
President Recep Tayyip Erdoğan: "We have started to expedite our investments in nuclear energy. Once Akkuyu and Sinop Nuclear Power Plants are commissioned, we will satisfy at least 10 percent of our energy need from them. We have added our national capital to the Akkuyu Project that we execute with Russia, making it much stronger. We want to start construction as soon as possible at Sinop Project as well. We talked the matter over with the Japanese Prime Minister Abe at the last G20 meeting. We have even started our efforts for the third nuclear power plant project."
In EP Report of EU, Turkey was Requested to Stop Akkuyu NGS Project
International Relations Nuclear
7/10/2017
In EP report of EU, Akkuyu NGS Project was requested to be stopped for Mersin-Akkuyu region is inherent in strong earthquake risks. In the announcement by Russia, subject call was claimed to be originated only from political and economic interests of EU
G20 Final Declaration
Abroad Research International Relations
7/10/2017
Declaration covered issues like struggling with terror, global trade, climate and cooperation with Africa. Declaration says "Although growth expectations are encouraging but growth rate is still weaker than expected. Our commitment on international economic and financial cooperation maintained for steppig up the Growth and for protecting against downward risks. International trade and investment are the vital motors of growth, productivity, creating and improving employment. We will struggle with protectivism comprising unfair trade applications. We will particularly encourage a positive environment for trade and investment."
The World Petroleum Congress Opens in Istanbul
Conferances Research Natural Gas
7/10/2017
Energy and Natural Resources Minister Albayrak: “Turkey particularly targets to extend oil and natural gas exploration and production activities and investments. We are focusing on oil and natural gas exploration activities in the Mediterranean and the Black Sea. Turkey is one of the most prominent regional actors as a play-maker and reliable partner in regional energy projects”…
BRICS New Development Bank Announces 2017-2021 General Strategy
Loans Abroad International Relations
7/3/2017
The field of credits of priority of the Bank will be clean energy, transportation infrastructure, irrigation, water resources management and wastewater, sustainable urban development, economic cooperation and integration among member countries. Financing instruments like syndication credits, special investors, Project own capital investments, national and multinational financing agencies and joint credits beside long term credits will be used
The Annual Increase in CPI in June 2017 Realized as 10.90 Percent
Macro Indicators
7/3/2017
The increase in CPI realized as 10.90 % in June compared to the same month last year and as 9.36 % according to the 12-month averages, whereas the annual increase in DPPI realized as 14.87 %...
The Opening of the New Address of the Liaison Office of Doosan Power Systems in Istanbul Has Been Made
Company News
7/3/2017
Doosan Power Systems’ Country Manager for Turkey Emre Dökmen: “Doosan will continue to work in an active manner also in the coming years in the field of water technologies besides steam turbines, coal boilers and flue gas emission systems in particular.”
Two Important Appointments at Senior Management of TAP
Abroad Natural Gas
6/28/2017
Walter Peeraer is appointed the CEO and Board Chairman and Luca Schieppati is appointed the General Director of Trans Adriatic Pipeline (TAP)
Gazprom, TurkStream Project (III)
Abroad Natural Gas Intergovernmental
6/23/2017
Deep water pipe laying process officially started in the presence of Russian Head of State Putin Calling President Erdoğan, Putin said, "Construction process started after 7 months period. The level of Turkish-Russian cooperation is much higher than that of many countries. Administrative approval process in the Works conducted with other countries continue for years, however we conclude subject processes within few months. It goes without saying the this is realized by our direct support."
Bombardier Transportation Will Procure 750 AVENTRA Vehicles For Operation on the South Western Franchise in the United Kingdom
Abroad Company News
6/20/2017
Bombardier Transportation has signed a contract which is valued at approximately £895 million GBP ($1.1 billion US, 1 billion euro) with FirstGroup and MTR to supply and maintain 750 BOMBARDIER AVENTRA vehicles. The UK-based rolling stock investment consortium Rock Rail will finance the multi-million pound procurement.
Akkuyu Nuclear Power Plant Project
Intergovernmental Nuclear
6/20/2017
Preliminary protocol pertaining to sale of 49% share of Project company Akkuyu Nükleer A.Ş. to Cengiz Holding, Kalyon İnşaat and Kolin İnşaat Consortium has been signed. Partnership agreement planned to be signed until the end of year, to secure credit financing at required amount by accumulating a capital to implement Project at the end of agreement
World Bank, Turkey Regional Investment Climate Assessment (RICA) Project
Research
6/15/2017
Output of the Project conducted by World Bank and Ministry of Development have been dwelt upon Johannes Zutt, World Bank Country Director for Turkey: "Project helped to obtain data and analysis required for designing policies to improve Turkey's investment climate" Ministry of Development Regional Development and Structural Adaptation Director General Ömer Bilen, "Within the context of Project, 26 Level 2 Region report has been prepared and questionarie data and National Investment Environment Assessment Report have been released."
Borusan EnBW Enerji Yatırımları ve Üretim A.Ş. (Borusan EnBW Energy Investments & Production Inc.) Acquires Kıyıköy WPP
Company News Renewables (HEPP, Wind, Solar, Biofuel)
6/15/2017
Agreement has been reached on the acquisition of Kıyıköy Wind Power Plant (WPP) owned by Aksa Enerji Üretim A.Ş. by Borusan EnBW Enerji Yatırımları ve Üretim A.Ş. (Borusan EnBW Energy Investments & Production Inc.) for $ 60,100,000
New CEO of Akkuyu Nuclear Inc. Takes Office
Other News Nuclear
6/14/2017
Yuriy Galanchuk having been posted as the President of the Russian NGS (Nuclear Power Plant) in 2007 has now been posted as the new Chief Executive Officer of the company
22nd World Petroleum Congress
Conferances Other News
6/14/2017
The 22nd World Petroleum Congress which is the most extensive oil convention in the world with broadest participation will be realized in Istanbul between the dates of July 9 and 13
Garanti Bankası Receives "The Best Project Finance House" Award
Company News
6/14/2017
Garanti Bankası is chosen the "Best Project Finance House" in the CEE region. 9 projects with the total size of more than $6 billion received awards in several categories
Sale of OMV Petrol Ofisi to Vitol Group
Company News
6/14/2017
Sale of all shares of Petrol Ofisi, 100 percent of which was held by OMV, to the Dutch company Vitol Group for €1,368 billion has been completed
Johannes Zutt, the World Bank Country Director for Turkey: "The Artificial Growth in Credits Supported by KGF Increases Fragility"
Speeches Conferances Research Macro Indicators
6/12/2017
Johannes Zutt, the World Bank Country Director for Turkey: "A credit growth is seen in Turkey but it is an artificial one supported by the Credit Guarantee Fund (KGF) because KGF encourages banks to take more risks. Also overexposure to hot money flow causes certain fragilities in the banking industry"... TÜSİAD Chairman Erol Bilecik: "Extension of 180 billion liras of credit in a period of only 2.5 months has created a serious liquidity while a significant amount of pressure has been created on the banking system whose resource costs are on the increase. While deposit interests increase, the credit-deposit ratio has reached 125 percent. We have reached the end of the growth by rapid credit increase or abundance of liquidity in Turkey"...
Ministry of Science, Industry and Technology’s Communiqué Amending Domestic Goods Communiqué
Legislation
6/12/2017
Arrangements made on the procedures of defining and certifying the good to be domestic good proposed by bidders in procurement tenders to be subject to price advantage
The Current Account Deficit Realized as $ 3.6 Billion in April
Macro Indicators
6/12/2017
The current account deficit realized as $ 3 billion 615 million in April decreasing by $ 542 million compared to the same month last year
Turkish Economy Grew by 5 Percent in the First Quarter of 2017
Macro Indicators
6/12/2017
The total added value in the agricultural sector increased by 3.2%, also increasing by 5.3% in the industrial sector and 3.7% in the construction sector. Final consumption expenditures of households increased by 5.1% and final consumption expenditures of the State by 9.4% besides an increase of 2.2% in gross fixed capital assets Finance Minister Ağbal: “Incentives such as provisional tax cuts, the Credit Guarantee Fund, KOSGEB (Small & Medium Sized Enterprises Development and Support Administration), premium offsetting, investment incentives and employment support mechanisms which we have implemented as the Government have supported the increase in investments, production, exports and employment and have triggered the domestic demand.”
Akkök Group’s Objective of TL 1.2 Billion Investment
Company News Energy
6/8/2017
Akkök Holding Executive Board Chairman Ahmet Dördüncü, "Of TL 1.2 billion investment, 65% will be made in the field of chemicals, 17% in the field of real estate, 15% in the field of energy and remaining 3% in other fields."
Minister of Economy Nihat Zeybekci Met with the Management of Contractors Association
Speeches Abroad
6/7/2017
Zeybekci: "We are close to our desired point in Russia. We have received the first good news. A Turkish company has undertaken the construction of a 50 million dollar culture center. I consider the Qatar crisis as a dispute among siblings. We hope that it is resolved soon. We hope and know that Turkish contractors there will not be adversely affected. It is not possible that Turkey is affected by the crisis."
OECD, Global Economic Outlook Report
Reports
6/7/2017
Growth estimates for Turkey in the OECD report were 3.1, 34, and 3.5 for 2016, 2017, and 2018 respectively. Commenting on the report, the Deputy Prime Minister Mehmet Şimşek said: "OECD raised the 2017 growth projections for Turkey to 3.4. The actual rate will be higher. 5 percent is possible with reforms."
DHMİ, 3rd Airport Project in Istanbul
Airports Build-Operate-Transfer (BOT) Transportation
6/5/2017
İGA CEO Yusuf Akçayoğlu, "In Airport construction, physical realization ratio reached 52.5%. Our target is to complete the Project within 2018."
The Annual Increase in CPI in May 2017 Realized as 11.72 Percent
Macro Indicators
6/5/2017
The increase in CPI realized as 11.72 % in May compared to the same month last year and as 9.09 % according to the 12-month averages, whereas the annual increase in DPPI realized as 15.26 %...
BP, Rosneft Signes Cooperation Agreement to Supply Natural Gas to Europe
Abroad Natural Gas
6/2/2017
"According to the MoU, Rosneft and BP’s wholly-owned subsidiary BP Gas Marketing Limited will enter into a long-term sales and purchase agreement for the supply of natural gas produced by Rosneft in order to ensure delivery of additional Russian gas supplies to European markets starting from 2019"...
7. International Natural Gas Congress and Fair
Conferances Natural Gas
5/30/2017
INGAS 2017 will be held at Haliç Congress Center on November 2-3, 2017 with the participation of experts and sector representatives over 5 thousand from 20 countries
Sale of OMV Petrol Ofisi to Vitol Group
Company News
5/30/2017
The Competition Authority has allowed the sale of Petrol Ofisi, 100 percent of whose shares are owned by the Austria-based energy company OMV, to the Netherlands-based company Vitol Group for EUR 1.368 billion...
The Competition Authority Is Assigned Further Functions
Speeches
5/26/2017
The Minister of Customs and Trade, Bülent Tüfenkci, said: "We aim to make more contributions to the business world of Turkey with a new effort that will increase the functions of the Competition Authority or reorganize it."
Annual Report
