Turkey returns to energy chess game

Posted by meb at July 16th, 2007

Turkey made an important move in the energy chess game when it signed a Memorandum of Understanding (MoU) with Iran over the weekend that will make both Russia and the US rethink their positions on gas policies in particular and on energy policy in general, said Cenk Pala, director general of strategic relations at state-owned Turkish Pipeline Company (BOTAŞ), affiliated with the Ministry of Energy and Natural Resources.

Speaking to Today’s Zaman, Pala stated that he was not fully familiar with the contents of the MoU at this stage. He said, however, that this MoU, if executed well enough, will make Russia to rethink its energy policy of making Europe fully dependent on its gas, while it will make the US accelerate the transportation of Iraqi gas via Turkey.Thus the Turkish-Iranian MoU, which envisages both Turkmen and Iranian gas to be transported via Turkey, would also be welcomed in Europe, which has to renew its gas contracts with Russia before (more…)

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Economic success backs gov’t for final week of campaign

Posted by meb at July 16th, 2007

Despite a surge in oil prices over the past two months that brought benchmark crude prices to the middle $70s, other economic data and stock market performance in Turkey have converged to make the ruling Justice and Development Party (AK Party) a clear favorite with one week remaining before Turks go to the polls next Sunday in the general elections.

The Istanbul Stock Exchange (İMKB) rallied in the last two days of the week, breaking 53,000 on Friday before profit-taking pulled the main index down, still closing at a record high of 52,086. The rally came on the back of positive sentiment in global markets and the Japanese Central Bank’s decision not to increase interest rates, and also on indications from (more…)

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Fifth World Chambers Congress starts tomorrow

Posted by meb at July 3rd, 2007

The Fifth World Chambers Congress will be held in the Turkish commercial hub of Istanbul between July 4 and 6, the Anatolia news agency reported on Monday.

Rifat Hisarciklioglu, the chairman of the Union of Chambers and Commodity Exchanges (TOBB), was quoted as saying that 1, 413 delegations from 110 countries will participate in the event. “We want to have more share in world trade. Turkey has to be a global player, and it is an economic power in the region,” Hisarciklioglu noted. (more…)

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