Important News

Gazprom, TurkStream Project (III)

Abroad   Natural Gas   Intergovernmental


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


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


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



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."

Sale of OMV Petrol Ofisi to Vitol Group

Company News


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


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



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


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


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


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


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



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."

Sale of OMV Petrol Ofisi to Vitol Group

Company News


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



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


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


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

Turkey's First Domestic Tunnel Boring Machine Is Introduced



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


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


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


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."

Annual Report