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Turkey (100)

"The changes that Turkey went through following 2000, including the economic decisions that were made, are an important step. The reforms made in 2000 allowed Turkey to make great strides, despite the fact that it came at the top of the list of countries with high inflation and high interest rates. Powerfull businessmen from Turkey share their experiences and plans."

Turkey's TOKI Could Build 100,000 New Houses in Venezuela

ImageThe head of Turkey's Housing Development Administration (TOKI) said on Saturday that his organization could build nearly 100,000 new houses in Venezuela. Commenting on Venezuela's calling on Turkey to extend support for housing projects after a recent flood disaster that left nearly 140,000 Venezuelans homeless, TOKI President Erdogan Bayraktar said his organization could take 10 to 100 contractors to Venezuela as a first step.

Turkey's 2011 Investment Programme/Public Investment to Rise 17%

ImageA growth of 17.2 percent is envisaged in public investments in 2011, an election year. Out of the TL47.9bn worth of public investments planned for 2011, TL16.7bn is to be carried out by local administrations.
Turkey's Central government departments, revolving capital entities, state-owned enterprises, the Iller Bank (Provinces Bank) and companies under privatization, are set to invest almost TL31.3bn, combined. According to the 2011 Investment Programme just published in the Official Gazzete, public entities other than local administrations, had an investment stock made up of 2,534 projects, worth TL303.7bn, combined.

Turkey Flexes Economic, Political Muscle In Iraq

ImageTurkey is stepping up its role in Iraq, vying with Iran as a regional power. These powerful neighbors use investments and building projects to ensure long-term influence. The competition is heating up as the U.S. prepares to withdraw troops from Iraq by the end of next year. Northern Iraq is the staging ground for Turkey's bid for economic dominance, and the Marina restaurant in Irbil is the kind of place that businessmen come to make deals. The food is pricey, and the live entertainment is in Turkish, a sign of Turkey's growing role. In the central market, Turkish products are available in every shop stall. (A scene at shopping mall in Erbil)

Four Turkish Banks Account for 60% of Sector's Profit

ImageTurkey’s top four banks play a very prominent role in the sector. State-owned Ziraat and three private banks, Garanti, Is and Akbank, have the lyon’s share in assets, deposits and profits.

According to the latest report from the Union of Banks, TBB for short, as of end September, the country’s largest lenders accounted for 54.2 percent of assets, 57.3 percent of deposits and 59.7 percent of net earnings with Ziraat leading in all three categories.

By end September, the banking sector’s combined assets stood at TL 886.1bn and deposits at TL 569.3bn. As for after-tax profits, they reached TL 16.3bn in nine months.

Fitch Says Turkey Faces Economic Stability Challenges

ImageTurkey’s central bank faces challenges in ensuring growth and inflows of foreign capital don’t threaten macroeconomic stability, and the bank’s success will feed into the country’s debt rating assessment, Fitch Ratings said. “One of the challenges the central bank faces is to reduce inflation and prevent the economy overheating in a challenging policy environment, including large capital inflows and low global interest rates,” Fitch analyst Edward Parker said.

Valeura Energy Buys Stake in Natural Gas Exploration Licence in Turkey

ImageCalgary, Canada- Valeura Energy Inc. (TSXV:VLE) says it has bought an interest in the Edirne exploration licence in Turkey's main natural gas producing region for $3.1 million, expanding its presence in the country. The Calgary-based company says it will own a 35 per cent interest in the licence, which covers land in the Thrace Basin, the main natural gas producing region of Turkey. It bought the stake from Edirne Enerji Petrol Arama Uretim Ve Ticaret Limited Sirketi, a wholly-owned affiliate of Australia's Otto Energy Ltd. The deal is expected to close around Dec. 22.

Turkey JV Hires Manager for Refinery Construction

ImageState Oil Co. of Azerbaijan Republic (SOCAR) and TURCAS Rafineri AS (STRAS) has awarded Fluor Corp. a project management consultancy for a refinery to be built in Aliaga, Turkey. TURCAS is a joint venture of SOCAR and Petrol AS. The planned refinery will be integrated into the Petkim petrochemicals complex on the Aegean coast.

Fluor will act as PMC for the SOCAR and TURCAS Aegean Refinery (STAR) project and will assist STRAS in selecting and managing the engineering, procurement, and construction contractor and provide overall project and construction management.

TurkPower Corporation Announces Significant New Coal Power Plant Mandate

ImageNew York, NY- TurkPower Corporation (OTCBB: TRKP) (the "Company") announced that is has signed a consulting and sell mandate with the owner of a lignite fired thermal power plant project, to consult in the development, construction and financing of its 500MW capacity lignite thermal power plant ("TPP") project in Konya, Turkey. The TPP project comes including a lignite mine which is dedicated exclusively as the fuel source for the project. The economical lignite reserves are calculated to be 152,000,000 million metric tons and can supply the TPP for up to 42 years; life cycle of the TPP is 30 years. The mine shows an average lignite thickness of 12 meters and the licensed mining area is 1,852 acres and the license is valid for 42 years. Site exploration studies for a bankable mining plan were conducted by North American Coal Corporation. Total investment necessary to fund the project is approximately $1.26 billion, of which 30% is to be in the form of equity.
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