Important News
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."
Prime Minister Binali Yıldırım and Georgia Prime Minister Giorgi Kvirikaşvili Meeting
Agreements Speeches Railways
5/23/2017
Delegation headed by Prime Minister Binali Yıldırım has visited Georgia and attended Turkey-Georgia High Level Strategic Cooperation Council. In the course of visit, Baku-Tbilisi-Kars Railway Project has been reviewed Yıldırım, "This middle corridor to connect Caucasus to Central Asia to Far East, to London via Anatolian soil, in other word, direct connection of historical Silk Way again, is of very importance for the region from strategical perspective." Georgia Prime Minister Giorgi Kvirikaşvili, “We do our best for starting the project, test runs will continue in Summer months, project will start in Autumn. This project exceeded the regional scale for sure."
Black Sea Economic Cooperation Organization 25. Year Summit Held in İstanbul
Agreements International Relations
5/22/2017
In the opening of Summit held at May 22, 2017 in İstanbul, President Tayyip Erdoğan and Prime Minister Binali Yıldırım participated. Following the bilateral talks between Prime Minister Binali Yıldırım and Russian Prime Minister Dimitri Medvedev, a joint communiqué has been signed for lifting the obstacles and restrictions on commercial trade between Turkey and Russian Federation
President Recep Tayyip Erdoğan Invites Major American Groups and International Fund Managers to Increase Their Investments in Turkey
Abroad Research
5/18/2017
President Recep Tayyip Erdoğan met with company representatives and fund managers of major American groups operating in numerous industries including defense, aviation, chemistry, health, information technologies, and manufacturing industry, and invited them to increase their investments in Turkey...
A Framework Cooperation Agreement was Signed Between Türkiye İş Bankası and the Chinese Export and Credit Insurance Organization "Sinosure"
Company News
5/17/2017
Yılmaz Ertürk, the Deputy General Director of İş Bankası: "With this agreement, we will continue to increase our support to our customers in commerce, investment, infrastructure, energy, logistics, and many other areas."
Türkiye İş Bankası Signs a Syndication Loan of About $1.4 Billion
Loans
5/15/2017
İş Bankası has signed a syndication loan agreement of about $1.4 billion which consists of $296 million and €989.5 million to be used for foreign trade funding
EU Commission, 2017 Spring Economic Estimations Report
Reports
5/11/2017
The growth estimation for Turkey raised to 3% this year from 2.8% of previous year, for 2018 to 3.3% from 3.2%. Employment increase expected to further raise in 2018. In risk measurements, Turkish banks seem strong
Turkey's First Domestic Tunnel Boring Machine Is Introduced
Speeches
5/11/2017
Minister of Transport, Maritime Affairs and Communication, Ahmet Arslan: "We have become the world's 8th manufacturer of tunnel boring machines. -We aim to use a tunnel boring machine that is 16.8 meters in diameter for our Grand 3-Level Tunnel of İstanbul"...
Conference on Economic Relations between Turkey and China in the Perspective of Belts and Highways
Conferances General General
5/10/2017
The Ministry of Foreign Affairs, Asia-Pacific Director General Ambassador Erçin, “All of the investments designed in different countries for the Modern Silk Road will later on be integrated with projects in Turkey.” Ambassador of the People’s Republic of China to Ankara Hongyang, “An amount of $ 900 billion is expected to be spent for the belts and highways project. Chinese companies are also presently in close follow-up for the 3rd nuclear power plant of Turkey.”
Gazprom’s Turkish Stream Project
Natural Gas Intergovernmental Natural GasTransmission
5/8/2017
In the announcement by Gazprom, it is reported that as of May 6, 2017, under sea construction works started, Project partner Swedish Allseas Group starting pipe laying process under the Black Sea
23rd International Energy and Environment Fair and Conference (II)
Conferances General
5/5/2017
ETD Chairman Ergüven: "We can predict the possible moves in the private sector and manage risks accordingly but public bodies may not act according to the free market." ELDER President Çeçen: "In the next 3 or 4 years, as the investments in electricity supply progresses, we will have to complete our investments in infrastructure in order to provide the top quality service."
Trans Anadolu Natural Gas Pipeline (TANAP) Project
Natural Gas Natural GasTransmission
5/5/2017
TANAP Director General Saltuk Düzyol, "Mechanical works of Phase 0 to start at Turkey-Georgia border proceed towards Eskişehir planned to be completed until the end of this year. Then, commissioning process will start. As of January 2018, first test gas will be given. All works for supplying gas to Europe will be completed as of July 2019."
Important Disclosures Made by Mayor of Istanbul Kadir Topbaş (Istanbul Metropolitan Municipality - İBB)
Transportation Metro Projects
4/24/2017
Mayor of Istanbul Kadir Topbaş (Istanbul Metropolitan Municipality) said that the tendering procedures for the new metro lines in Istanbul have been finalized and works will be started for the lines in question at the soonest
Annual Report
