Important News

A Memorandum of Understanding Is Signed for Carrying the East Mediterranean Natural Gas to Europe through Italy

Abroad   Natural Gas


A Memorandum of Understanding was signed by Greece, Italy, Israel and Cyprus for conducting technical works to carry the East Mediterranean natural gas to Europe. It is reported that technical works for "EastMed" natural gas pipeline project would continue, and an Intergovernmental Agreement is expected to be signed in 2018

Austrian Andritz Hydro, Gigant of HEPPs, Inaugurated İzmir Factory

HEPP   Company News


Andritz Hydro Executive Board Chairman Wolfgang Semper, "Success stories of Andritz Hydro, always signed firsts in energy market as a Turkish company since 1991, has been the most important factor behind the investment decision in İzmir." Andritz Hydro Director General Wolfgang Hofmann, "I hope this step will be Pioneer for Turkey to reach an important point in Andritz's global supply chain."

SOCAR’s Star Refinery Project

Petrochemical   Company News   Petrochemical


Star Refinery Director General İlter, "96.4% of the project, employs 19 thousand 500 people from 14 countries has been completed. Star Refinery of annual 10 million ton oil processing capacity, has been completed on USD 6 billion investment."

TCDD’s Halkalı-Kapıkule Railway Project

Railways   Transportation


Minister of Transportation, Maritime Affairs and Communication Arslan said, "Consultancy tender of the project to be conducted on November 28. We plan to launch construction tender within two months. We hope to start construction process in the second half of next year when the IPA Fund processes completed."

Minister of Transport Ahmet Arslan's Visit to Brussels

Speeches   Railways   International Relations


Minister Arslan attended the High-Level Dialogue Meeting on Transport Policy between Turkey and European Union with Violeta Bulc, the EU Commission Member in Charge of Transport Minister Arslan: "I hope that the problems will be resolved soon thanks to regular meetings to be organized under High-Level Transport Dialogue mechanism, which has gained another momentum today. We will become much more powerful when İstanbul Airport is built. We shared with EU, our most prominent partner in aviation, our intention to maintain our cooperation with them. Turkey and European Union are aware of the fact that this is in the interests of both sides. Both sides know that the distance to be covered on the matters of aviation will trigger positive effects in other fields as well."

Inauguration of First Turkish Capital Investment Bank Dome Group Made in London With Participation of Prime Minister Yıldırım

International Relations   Other News


Main mission of Dome founded by Doğuş+Fiba Holding partnership, the inauguration of which also participated by Ferit Şahenk and Murat Özyeğin, will be to attract long term foreign capital investments to Turkey, to protect interest of Turkish companies in international investment circles, to act as bridge between investment centers and Turkish companies

INTES, 177th Traditional Meeting

Speeches   Conferances   Research


Intes President Koloğlu: “The employment of Turkish workers abroad is not yet at desired levels. İŞKUR contracts signed with Turkish workers have to be arranged in accordance with the provisions of the international special law. Incentives for employment have to be simplified and has to be arranged in a manner to be applied for registered employers.”

2018 Budget of the Ministry of Energy and Natural Resources (MENR) is Debated at the Parliamentary Planning & Budget Commission (I)

Coal   HEPP   Speeches   Parliament   Natural Gas   General   Nuclear   Other Renewables


Energy and Natural Resources Minister Albayrak, “Two more FSRU plants will be put into operation, namely at Hatay Dörtyol and Saros Bay. Coal reserves amounting to around 3.5 billion tons at Eskişehir, Afyon, Konya and the Thracian region will also be utilized in the coming period as a contribution to the economy. Significant developments have been recorded at power plants to be built at Akkuyu and Sinop while studies are underway to determine the location of a third power plant.”

Turkey-Qatar LNG Agreement

International Relations   Natural Gas


First long term LNG agreement has taken effect between BOTAŞ and Qatargas. LNG, equivalent to 2 billion m3 Natural Gas planned to be exported to BOTAŞ from Qatar

Garanti Bank Signs a Loan Agreement of $ 250 Million with ICBC

Loans   Company News   Other News


Garanti Bank has signed a loan agreement of US$ 250 million with ICBC with a back-payment term of 3 years with the coordination of ICBC Turkey Bank Inc. Garanti Bank Assistant General Manager Gökhan Erün: “We feel the happiness of having been in cooperation with ICBC, the largest bank in the world. It is a matter of pride for us to have undersigned a new cooperation agreement which will contribute to the economy of the country thanks to the trust and stability achieved by Garanti Bank in international finance circles.”

Cenal Enerji Çanakkale-Karabiga Thermal Power Plant Project

Coal   Thermal


First unit of 1,320 MW Power Plant started to sell electricity as from November 7, 2017

2018 Budget of the Ministry of Transportation, Maritime Affairs and Communication is debated at the Planning & Budget Commission (II)

Highways   Research   Build-Operate-Transfer (BOT)   Budget


Opposition MP’s (Members of the Parliament) have criticized the overflows in allocations by the Ministry and particularly KGM, Treasury guarantees given for PPP model projects resulting with long term debt burdens undertaken by the State, tenders realized with the invitation method according to article 21b, the methods to collect the debts of Türk Telekom, Turksat satellite tenders and Istanbul Airport Project

İstanbul Bosphorus Highway Tube Crossing Project (Eurasian Tunnel) (II)

Abroad   Highways   Build-Operate-Transfer (BOT)


Eurasian Tunnel, connecting Asia and Europe through two storey highway tunnel on the bottom of the sea for the first time, has been awarded with the big prize in ‘IRF Global Success Prizes’ ‘Construction Mehodology Catergory by The International Road Federation-IRF'. In the prize ceremony held in Dubai, Ministry of Transportation, Maritime Affairs and Communication Infrastructure Investments Deputy Director General Şamil Kayalak, Yapı Merkezi İnşaat and Eurasian Tunnel Executive Board Chairman Başar Arıoğlu and Eurasian Tunnel Director General Sungjin Lee have participated

6th Turkish Wind Power Congress (TÜREK 2017) (I)

Conferances   Research   Other Renewables


Minister of Energy Berat Albayrak: "We ranked third in Europe and seventh in the world in wind power installations last year. We will try to maintain, even surpass our place in both solar and wind power this year. YEKDEM made considerable contributions under the conditions prevalent at its time but it is outdated now. We will continue with a more competitive process with YEKA. We will continue with new and unexpected YEKAs for wind power next year."

EBRD Underlined Its Decisiveness on Investing in Turkey



EBRD: “Turkey has the status of being the largest country within our operations in terms of portfolio size and investment volume. EBRD has made an investment of more than € 9.5 billion in Turkey until date.”

Mergers and Purchases in Energy Industry

General   Renewables (HEPP, Wind, Solar, Biofuel)   Other Renewables


-CORRECTION- All shares of Şua Elektrik Üretim A.Ş. will be transferred to PSP Investments, Electricite de France S.A. and Polat Enerji. -Şamlı RES and Datça RES of Aksa Enerji will be transferred to Nas Enerji A.Ş...

Finance Minister Ağbal Presented the 2018 Central Administration Budget to the Parliamentary Planning & Budget Commission

Parliament   Budget


Minister Ağbal, “Global economy that grew by 3.6 percent in 2017 is expected to grow by 3.7 percent in 2018. The Turkish economy grew by 6.6 percent on the average during the period of 2010-2017. The finalized central administration budget expenditures in 2016 are TL 584.1 billion with a budget deficit of TL 29.9 billion. We expect the central administration budget expenditures in 2017 to be as TL 673.7 billion with a budget deficit of TL 61.7 billion. As for 2018, the central administration budget to be realized as TL 762.8 billion in 2018 is expected to give a deficit of TL 65.9 billion. TL 183.1 billion has been assigned for personnel expenditures from the 2018 budget, TL 299.4 billion for current account transfers, TL 71.7 billion for interest payments, TL 68.8 billion for investments, and TL 66.1 billion for the procurement of commodities and services."

World Bank’s Country Director for Turkey Zutt: “We Will Revise the Growth Estimate for Turkey as 5 or 5.1 Percent”



“I think the biggest challenge for Turkey in the medium run is to enhance the productivity of Turkish companies. The technology used in products sold to Europe by Turkey should be elevated The most significant fragility of Turkey is its dependence on foreign capital flow to finance the current account deficit. The fact that there is a big difference between savings and investments in Turkey is another risk with future prospects.”

Short Term Foreign Debt Stock Reached USD 111.6 Billion As of End August

Macro Indicators


Short term debt of public sector, major part of which is public banks, increased 9.3% to reach USD 17.8 billion compared to end-2016, private sector short term foreign debts increased 14.8% to be USD 93.7 billion

Annual Report