STEAM, 17th International Energy Arena
The 17th International Energy Arena will be realized at Conrad Istanbul Bosphorus on the dates of February 23 & 24, 2017 with the theme of “Global Developments and Investment Environment”
Sabancı Holding’s New CEO is Mehmet Göçmen
Head of Sabancı Holding Enerji Group Mehmet Göçmen has been appointed as the new COE of Sabancı Holding
Overseas Contracting Services Award Ceremony 2017
The Award Ceremony to be organized by the Turkish Contractors Association (TCA) will be realized in Ankara on February 22, 2017 with the participation of President of the Republic Recep Tayyip Erdoğan There are 39 Turkish contracting companies in the list disclosed by ENR for the year 2016, against a number of 40 listed in 2015
Siemens and Bombardier Have Met Companies from Bursa for High Speed Train Production in Turkey
Firms based in Bursa made on-site studies at the production plants of Siemens and Bombardier in Austria within the scope of Rail Systems UR-GE Project Sales Manager of Siemens Masopust: “Bursa is accustomed to the repressive production speed of the automotive industry. The city also claims a considerable market share in the rail systems sector. A condition of 51 percent local production is being imposed in all projects in Turkey and particularly the metro tender in Istanbul. We are in need of local suppliers. We will initially make an investment of € 80 million in Turkey” Bombardier Light Rail Vehicles Department Head Pfaff: “We as Bombardier are seeking investment partners”
Tekfen İnşaat to Sign Contract for the USD 342.4 Million Stadium Construction in Qatar
Tekfen (50%)-Al Jaber Engineering (50%) Joint Venture are to sign a QAR 1 billion 250 million (USD 342 million 465 thousand 753) contract in a few days for the turn-key engineering and construction of a Stadium Project in Qatar Tekfen İnşaat additionally signed a USD 99 million contract with BP Iraq for the assembly of water separation and salt separation units
Unemployment Rate Reached 12.1 Percent as of November 2016
The unemployment rate having reached 12 percent indicates the highest level of the past seven years. The unemployment rate for the young population (15-24 years) escalated to 22.6%
IV. International Nuclear Power Plants Summit
Summit will be held on March 8-9, 2017 at Pullman Convention Center, İstanbul
Minister of Transport Ahmet Arslan Statement Concerning Mega Projects
"Asset Fund will finance very large scale projects. Foundation for the Çanakkale 1915 Bridge will be laid on 18th March 2017. We may kick off the Canal Istanbul Project within the year. Canal Istanbul route is set. It is going to be 42-43 km long. 30 thousand vehicles use the Eurasia Tunnel daily "...
DHMİ, İstanbul 3rd Airport Project
Minister of Transport, Maritime Affairs and Communication, Ahmet Arslan: "The progress of construction is 42 percent. 23 thousand workers are working around the clock. The number of workers will be 30 thousand by spring. The first runway is now completed. The terminal has started to form. We will open the first part that will serve 90 million passengers in the first half of 2018."
World Bank’s Turkey Regular Economy Information Note February 2017
Turkey economy growth estimations for 2016 reduced to 2.1%, for 2017 to 2.7%. Reportedly, the deteriorated expectations for 2017 has created pressure over Turk Lira, decreased Banking Sector debt roll over rate might limit the domestic credit increase
Fitch and S&P Updated Turkey’s Credit Note
S&P has affirmed Turkey’s long-term foreign credit rating at 'BB', and the credit rating in terms of local currency at ‘BB+’ and has revised its outlook for Turkey's sovereign credit rating to negative from stable. Fitch Ratings on the other hand has downgraded Turkey’s long-term foreign credit rating another step down from ‘investible’ level…
BP Energy Outlook 2017
"World GDP will almost double until 2035. This growth will drive an increase in global energy demand, but with the gains in energy efficiency, energy demand will increase by only around 30%. Oil and gas, together with coal, will remain as the dominant sources of energy. Oil demand will slow with technological developments in transport. Gas will grow more quickly than oil and coal. LNG is likely to lead to a globally integrated gas market. Global coal consumption looks set to peak. Renewables will grow four times over the next 20 years"...
Important Appointments in MENR
Alparslan Bayraktar is appointed Deputy Undersecretary after holding the office by proxy for some time; and Safa Uslu is appointed the General Director of Foreign Affairs and European Union after holding the office as Deputy General Director in the same unit
2nd Roads, Bridges and Tunnels Fair
2nd Roads, Tunnels 2017 (Roads, Bridges and Tunnels Fair), where the technology and equipment used in the construction of bridges, tunnels and highways will be exhibited, will be organized between May 24- 26, 2017 at Congresium, Ankara
Iran Offers Turkey a 13.3 Percent Discount for Natural Gas
Hamid Rıza Iraki, the Iranian Deputy Minister of Petroleum and the General Director of NIGC, has announced that a discount of 13.3 percent would be applied to the natural gas that is exported to Turkey after the latter is awarded the international arbitration ruling against Iran. USD 1.9 billion will reportedly be paid to Turkey in damages
Prime Minister Yıldırım Announced Investment Support Program Started in 23 Provinces
Prime Minister Yıldırım announced at Attraction Centers Program Starting Launchement, "In 23 provinces, number of applications is 1,200, total investment cost is TL 19 billion 600 million. Consultancy services free of charge will be extended to those who make investment. Furthermore, location will be allocated for investment. The capital of the equipments, machinery to be used in the building will also be met. We will extend operation credit with low interest rate as well."
Central Administration’s Gross Debt Stock and Receivables by the Treasury as of the End of 2016
Central Administration’s Gross Debt Stock as of the end of 2016 realized as TL 759.6 billion - TL 468.6 billion of this amount consists of domestic debts and TL 291 billion of foreign debts…
Assets of Public Companies Have Been Included in the Sovereign Wealth Fund (SWF)
Resources of the Sovereign Wealth Fund (SWF) of Turkey have been expanded by means of the assets of publicly owned companies and equity shares upon Statutory Decree #684 – Investments to benefit from the Fund were listed as major infrastructure projects such as Motorways, Canal Istanbul, the 3rd Bridge and Airport and Nuclear Power Plants…
Investment Objectives of the Saudi Arabian Company ACWA in Turkey
Paddy Padmanathan, the Chairman of the Saudi Arabia-based company ACWA Power, said that they prepared for the tender for the solar power plant project in Konya, Karapınar, which would be one of the world's largest solar power plants. Padmanathan said: "We are waiting for a license for a capacity of 350 to 400 MW in wind power, and we are at the process of using the opportunity for an investment of 50 to 200 MW in geothermal energy."
Minister of Transport Ahmet Arslan Meets Mr. Ishii, the Japanese Minister of Infrastructure and Transport
Minister Arslan: "Japanese contractors' interest in the Çanakkale Bridge Project makes us happy. 24 companies including 10 foreign companies - 4 Japanese, 3 Chinese, 2 Korean companies and an Italian company - purchased the tender documents. We will also go through matters related to building and operating high-speed trains as well as aviation, marine transport and shipbuilding today."
EBRD Provided Euros 1.9 Billion Financing for 43 Projects in Total in Turkey in 2016
It is stated that 20 percent of Bank’s Euros 9.4 Billion in international investments is carried out in Turkey. The Bank provided financing for PPP modelled healthcare campus projects, renewable energy investments and energy efficiency projects
IMF, World Economic Outlook Update
"The outlook for advanced economies has improved for 2017–18, reflecting somewhat stronger activity in the second half of 2016 as well as a projected fiscal stimulus in the United States. Growth prospects have marginally worsened for emerging market and developing economies, where financial conditions have generally tightened. Economic activity was weaker than expected in ... Turkey as well, which faced a sharp contraction in tourism revenues."
Trans Anatolian Natural Gas Pipeline (TANAP) Project
The World Bank and Azerbaijan signed a USD 400 million loan agreement on Trans-Anatolian Natural Gas Pipeline project (TANAP) on January 16...
Unemployment Rate Reached 11.8 Percent as of October 2016
Youth unemployment rate realized as 21.2 percent with an increase of 1.9 points…
Moody’s: “A Worsening in Asset Quality is Expected in 2017 in the Turkish Banking Sector”
“The rise in inflation and price increases in import goods may negatively affect the back-payment power of debts by households, and this may in return affect the asset quality of banks in their consumer loan portfolio.” Economy Advisor of the President of the Republic Gedikli: “Do they want to tell the banks to recall credits and to jeopardize the tradesmen? Our banks will not do such a thing during national mobilization.” Deputy Prime Minister Canikli: “The capital adequacy ratio in the banking system is not below 12 percent even in the worst downgrading scenario of Fitch. A deterioration in the asset structure of the banking system will not be permitted. Turkey has seen the trough in 2016 in all aspects, we are now recovering from there.”
ımportant Assignments at Ministry of Energy and Natural Resources (MENR)
Important assignments have been made to Board Member positions at TPAO and BOTAŞ…
ASELSAN Signed Contract on TL 8.6 Billion in 2016 in Turkey and Abroad
ASELSAN has received 29 orders domestically and 8 orders from abroad in 2016. Company has supplied communication equipments, electro-optic systems equipments, SARP Remote Commanding Weapon Systems.
DSİ, Deriner Dam & HEPP Project
A power generation of 5 billion 170 million kilowatt hours in total was made by Deriner HEPP until the end of 2016, which started power generation in November 2013 upon being transferred to EÜAŞ to be operated with all units. The HEPP made a contribution of TL 1.55 billion to the country’s economy…
Minister of Economy Zeybekci's Noteworthy Statements
Minister of Economy Nihat Zeybekci, “We invited advanced technology producers in many fields, we have held many discussions. We, Turkey, plan to make 10-15% part of total foreign trade totals to USD 430 billion, on national monetary unit. This is of utmost importance for us."
Eurasia Rail 2017
The International Railways, Light Rail Systems, Infrastructure and Logistics Fair which is expected to bring together the representatives from a number of Turkish and international companies will be held at Istanbul Fair Center between the dates of March 2 and 4, 2017…
CPI and DPPI Figures for the Month of December Are Disclosed
The annual inflation rate realized as 8.53 percent in terms of consumer prices and as 9.94 percent in terms of domestic producer prices…
Deputy Prime Minister Mehmet Şimşek Reviewed the Economy in 2016
"2016 was a difficult year. The political tension with Russia had serious economic impacts. Terrorism went astray in coalition, which caused a very difficult period of struggle against terrorism. The overview shows that even agriculture was not supporting due to bad weather conditions In the first quarter of next year, constitutional amendment will be a significant item in the agenda. The rumble, arguments and uncertainty caused by it may have a certain impact but Turkish economy may recover thereafter. The measures for the real economy, which we have not announced yet, will be clearly felt in the second quarter of next year The current risk exposure is open position. It is our top priority to find ways of how we can help the real economy manage this risk. We will consider the matter from the viewpoint of companies. We will discuss the measures against currency risk at the Financial Stability Board."
SOCAR and BP Extend Agreement for the Development of Azeri-Chirag-Gunashli (ACG) Field Until 2050
Oil production from the field began in November 1997. To date the field has produced more than 3 billion barrels of oil with around $33 billion of investment. From the terminal ACG oil is exported to world markets primarily by the Baku-Tbilisi-Ceyhan oil export pipeline. The agreement will cover the development of the field until 2050
Important Statement by GAZBİR President Arslan
"BOTAŞ deduction on power plants by up to 90 percent is throwing these power plants into great distress, it may lead to bankruptcy for them.- EMRA should require ceiling prices. Otherwise, the situation will result in some incurring losses and others profiting unreasonably”...
Assignment to Ministry of Finance Privatization Administration
Ahmet Aksu, served as the member of Executive Board and Acting Head of Department and Head of Department long years in various institutions subordinated to the Privatization Administration, has been assigned as the Head of Ministry of Finance Privatization Administration again
Trans-Anatolian Natural Gas Project (TANAP) (II)
The Asian Infrastructure Investment Bank approves the 600 million Dollar loan to be used by SGC (Southern Gas Corridor, Inc.)