Turkey Financial News

Posted by meb at July 24th, 2008

The Public Waterworks Administration’s (DSİ) Region Four administration will open a project bid for the Mavi Tünel (Blue Tunnel) project, expected to provide the Konya Plain with 414 million cubic meters of water annually, in August. The project is expected to cost YTL 750 million.

Speaking with the Anatolia news agency, DSİ Region Four Deputy General Manager Mevlüt Pınarkara said the Blue Tunnel project, the most important leg of the Konya Plains Project (KOP), is proceeding at a quick pace. A total of 414 million cubic meters of water in the Göksü Basin, which empties into the Mediterranean, will be redirected to the Konya Basin with the help of the Blue Tunnel project, facilitating the irrigation of land in the region and reducing pressure on groundwater in the Konya Basin. (more…)

Posted by meb at July 24th, 2008

Leaders of Turkey, Georgia and Azerbaijan launched Thursday a railway project between the three countries, with laying the foundation of the railway’s 76-kilometres part. Turkish president called the project is open to “all other regional countries”, implying Armenia.

At a railway station in the eastern Turkish border town of Kars, Turkish President Abdullah Gul, Georgia’s Mikheil Saakashvili and Azerbaijan’s Ilham Aliyev held a ground breaking ceremony for the $290 million Turkish section of the railway. (more…)

Posted by meb at July 24th, 2008

The Turkish Petroleum Refineries Company, or Tüpraş, topped the list of Turkey’s top 500 industrial companies once again in 2007, an Istanbul business organization revealed yesterday.

Just like the year before, Tüpraş, ranked first on the Istanbul Chamber of Industry, or ISO, 500 with YTL 18.45 billion net sales, while Ford Otomotiv ranked second with YTL 6.2 billion net sales, followed by Electricity Generation Co., or EÜAŞ, with YTL 4.6 billion net sales. The electricity firm was the highest-ranking public enterprise. These three industries lead the ISO 500 not only in net sales but also in exports. (more…)

Posted by meb at July 24th, 2008

After gaining prominence not only in Turkey but also across Europe and Russia, Turkish luxury hotel brand Rixos has entered the Southeast Asian market with a resort hotel in Thailand’s coastal town of Khao Lak.

The five-star Rixos Premium Khao Lak Hotel will start taking reservations this August, and the first guests will be welcomed in November 2008. The hotel has 300 rooms and suites, with a number of dining options designed to cater to a wide variety of tastes. Along with the accommodation, Rixos Premium Khao Lak Hotel will offer a wellness center aimed at reflecting the peaceful atmosphere of the area, while offering unique treks and relaxation. (more…)

Posted by meb at July 18th, 2008

The number of the companies and consortiums seeking to take part in Turkey’s first nuclear power plant project has increased to eight, with the Chinese Nuclear Power Components Co. and Dutch Unit Investment N.V. purchasing bid specifications.

Turkish Electricity Trading and Contracting Company (TETAŞ) had initiated a tender for the construction and operation of a nuclear power plant in the Akkuyu district of Mersin province in March. TETAŞ General Manager Hacı Duran Gökkaya said on Thursday he was expecting interest in the project to grow in the coming months. (more…)

Posted by meb at July 18th, 2008

The Baku-Tbilisi-Ceyhan (BTC) oil pipeline has transferred 418 million barrels of crude oil since it started operations in 2006, BTC Oil Pipeline Company Turkey General Manager Can Suphi has said.

Suphi noted that the daily capacity of the BTC pipeline is 1 million barrels, adding that the line is operating near full capacity, with daily transfer of 900-950,000 barrels. He said 530 oil tankers have been filled from the line thus far.

Suphi was speaking at the 12th Social Investment Program Workshop held in the Orfoz facilities at Eymir Lake yesterday, where participants discussed projects to further the development of settlements along the BTC pipeline. (more…)

Posted by meb at July 18th, 2008

The world’s leading private equity firm, the Carlyle Group, announced that it has bought 50 percent of shares in the TVK Shipbuilding Industry Trade Inc., which specializes in building chemical tankers.

This investment, concluded on Wednesday and approved by the Competition Board, is the first investment made by the Carlyle Group in Turkey.

Carlyle Group Turkey General Manager Can Deldağ indicated that their participation in the TVK is very important for the Carlyle Group and that they will work in close cooperation with the company management to ensure that the TVK is well positioned in the fast growing global shipbuilding sector. Deldağ pointed out that with its new facilities, strong management staff, know-how, quality and efficiency, the TVK has considerable competitive advantages in many segments of the sector. (more…)

Posted by meb at July 18th, 2008

Gulftainer, the second biggest port operator in the United Arab Emirates, has acquired a 50 percent share of the Turkish logistics company Demas International for 10 million euros.

Demas International, a freight company providing services in land, air, sea and rail transportation, is affiliated with Sedef Holding, whose majority share in Demas was owned by Demir Sabancı.

Murat Kavrar, general manager of Demas International, spoke yesterday at a press conference in Istanbul held to announce the deal with Gulftainer. He said Gulftainer specializes in logistics, adding that it is active in many countries and has strong trade relations with Turkey. The company also operates in several other sectors, ranging from retail sales of electronics to aviation and plastic packaging to the insurance business, he noted. (more…)