Turkey Financial News

Posted by meb at November 3rd, 2011

The number of buildings needing to be renewed in Turkey over the next two decades is estimated to be 8 million, according to a chief construction sector representative.

“The renovation of 8 million dwellings over the next 20 years will generate an annual value of 28 billion Turkish Liras for the Turkish economy and the employment of 1 million people,” Tahir Tellioğlu, chairman of the Construction Contractors Federation (TİM-FED), said in a recent interview. (more…)

Posted by meb at April 26th, 2011

As the entire world is now struggling to decide if states’ efforts to develop nuclear energy should continue after what recently happened in Japan’s Fukushima Daiichi nuclear power plant following the March 11 twin earthquake and tsunami disasters, there is also an ongoing public debate in Turkey: People wonder if the Justice and Development Party (AK Party) government is doing the right thing as it seems determined to go ahead with its ambitious nuclear energy program. (more…)

Posted by meb at April 21st, 2011

Ankara’s subway system, which has yet to be completed despite 10 years of construction and 814 million Turkish Liras of investment, will receive another 3.1 billion liras from the Transportation Ministry to finish the line, authorities have said.

Subway work between Keçiören and the train station, Kızılay and Ümitköy, as well as between Sincan and Batıkent, will be launched simultaneously and completed within two years, according to the ministry’s plans, Transportation Minister Habib Soluk told journalists Tuesday.

The 44.4-kilometer-long Ankara metro line will cost the ministry 3.17 billion liras, Soluk said. (more…)

Posted by meb at July 18th, 2009

Germany’s RWE and EnBW Energie Baden-Wuerttemberg applied to bid for Turkish electricity distribution grids, Turkey’s Privatization Administration, or ÖİB, said in a statement Thursday.

RWE, ENBW and EWE were among 22 applicants who may place bids in a tender for Osmangazi Elektrik Dağıtım, a grid that serves the central cities of Eskişehir and Afyon, the ÖİB said in an e-mailed statement.

EWE may also bid for Yeşilırmak Elektrik Dağıtım, a grid covering northern Black Sea regions, along with 16 other applicants, and was one of 13 possible bidders for Çoruh Elektrik Dağıtım in the northeast of the country. (more…)

Posted by meb at March 20th, 2009

The General Directorate of Highways has announced that it will hold a tender for the construction of a new highway stretching from the town of Gebze in the northwestern province of Kocaeli to the Aegean province of İzmir, including a bridge over the Gulf of İzmit, on April 9.

The project will be carried out through the build-operate-transfer method. Many Turkish and foreign firms have expressed interest in the tender, which has been postponed a number of times already. The directorate will ask companies submitting bids to specify how long they want to operate the bridge and highway. The firm that fulfils the conditions of the bid specifications and commits to the shortest period of operation will win the tender. (more…)

Posted by meb at February 25th, 2009

Turkish contractors could share in $1-1.5 billion from projects in Georgia after the country secured $4.5 billion in investment credit from international institutions, Trade Minister Kursad Tuzment said on Wednesday.

Georgia would soon start to implement important infrastructure projects regarding $4.5 billion investment credit procured from international institutions, the Anatolian Agency reported Tuzmen as saying.

Georgia plans to make investments in motorway, energy, housing, public buildings as well as infrastructure investments with the credit. (more…)

Posted by meb at February 25th, 2009

The U.S. Air Force said on Tuesday that it has modified a $797 million contract with Lockheed Martin Corp that covers the purchase of fighter jets by the Turkish government, AP reported.

Under the change, Lockheed will provide 14 F-16C variants and 16 F16D models for Turkey. (more…)

Posted by meb at February 5th, 2009

The Russian-led consortium that won the tender to build Turkey’s first nuclear power plant and supply energy to the national grid has revised its price offer in an attempt to prevent its bid from collapsing.

The Turkish-Russian joint venture Atomstroyexport-Inter Rao UES JSC-Park Teknik submitted a new offer, one much cheaper than its unexpectedly high bid of 21.16 cents per kilowatt hour (kWh), to the Turkish Electricity Trading and Contracting Company (TETAŞ) in a letter submitted on Wednesday.

The company originally sent a revised offer last month in a closed envelope, attempting to modify its offer for the tender, after its original price offer met with harsh criticism from public opinion as it was several times higher than current prices for electricity. TETAŞ sent the new envelope back to the company without even opening it, explaining that any new offer would not be allowed by the strict tender specifications. (more…)