Turkey Financial News

Posted by meb at November 14th, 2008

Turkish President Abdullah Gul joined Eastern European leaders in the Azerbaijani capital Baku on Friday for a summit aimed at promoting energy supply routes from the Caspian region to Europe that bypass Russia.

Gul, accompanied by Turkish Energy Minister Hilmi Guler, and the leaders of the Baltic nations, Azerbaijan, Georgia, Poland, and Ukraine gathered for the first time to discuss joint energy projects, including proposed oil and gas pipelines.

The Turkish president emphasized Ankara’s desire for a greater diplomatic role in the region, after his government earlier proposed a new forum for cooperation in the South Caucasus.

“The crisis which broke out last August in Georgia confirmed that unsolved conflicts in the region constitute a major threat from the perspective of security and stability,” he was quoted by AFP as saying.

“Our idea is to transform the South Caucasus from a region that is known for its conflicts to a region that would set an example for cooperation,” Gul said.

“Transportation of Caspian energy resources to European markets safely depends on maintenance of regional stability and establishment of good neighborly relations,” Gul said. (more…)

Posted by meb at November 12th, 2008

Global oil and gas industry leaders met in İstanbul yesterday at the first annual “StocExpo Turkey and the Black and Caspian Seas” in order to discuss changes in Turkey’s energy market and to focus on expanding terminal and storage sectors.

The message of the morning speakers at the conference was that Turkey is not only a bridge of cultures and civilizations, but is also a continental bridge between the haves and have-nots in energy matters, and as such, needs to dramatically increase its storage related infrastructure if it is to realize its goal of becoming a global energy hub.

The numbers are impressive: Millions of tons of oil and millions of cubic meters of gas now pass through Turkey towards international markets. Ceyhan in particular, located on the Mediterranean coast, receives enormous amounts of fuel destined for international destinations. (more…)

Posted by meb at November 1st, 2008

US President George W. Bush has sent a high-profile team to Turkey to help “diversify Turkey’s energy mix and to promote Turkey’s role as a strategic energy corridor,” a senior US official has said.

US Deputy Secretary of Energy Jeffrey Kupfer arrived in Turkey on Thursday with a delegation of senior US officials to attend the World Economic Forum and hold high-level talks with Turkish politicians and members of the business community. The stated purpose of the visit was to reaffirm the “US commitment to help Turkey strengthen its energy security” and find ways in which the US could assist Turkey, such as financing projects during this time of crisis when commercial banks are much less willing to lend. (more…)

Posted by meb at September 10th, 2008

US government representatives arrived in Ashgabat, the capital of Turkmenistan, yesterday to participate in talks on natural gas with President Gurbanguly Berdimuhamedov, the Turkmen press has reported.

According to reports the US asked Turkmenistan to share its enormous energy resources with world markets and said the US is ready to provide any technical assistance to Turkmenistan in this process. President Berdimuhamedov noted that Turkmenistan is willing to cooperate with leading energy companies from the US to implement new projects to drill Turkmen oil and natural gas. (more…)

Posted by meb at September 4th, 2008

Turkey will build a natural gas power plant and explore for oil and natural gas in Turkmenistan, Energy and Natural Resources Minister Hilmi Güler has said.

Speaking to the press on Wednesday to share details of his meetings with Turkmen President Gurbanguly Berdimuhammedov and four ministers of the Turkmen Cabinet, Güler said one item on the agenda was the farming out of exploration and production activities in Caspian oil and gas fields. He also noted that they discussed opportunities to establish alternative energy generating facilities in Turkmenistan such as wind and solar power plants, in which Turkey has know-how and experience.

“We will also construct a natural gas power plant,” he noted, adding, “The Turkish Petroleum Corporation [TPAO] will initiate oil and natural gas exploration in the Caspian region together with Turkmen authorities.” Another item discussed in the meetings was the increase in the quantity of electricity purchased from Turkmenistan. Turkey has been purchasing 600 million kilowatt-hours (Kwh) of electricity annually from this country since 2003.

“My visit to Turkmenistan has nothing to do with recent developments in the Caucasus. It was a scheduled visit,” he said, referring to the brief war fought between Russia and Georgia over the breakaway region of South Ossetia. (more…)

Posted by meb at September 4th, 2008

Vahit Erdem, the head of the Turkish delegation to the NATO Parliamentary Assembly, has said that unless tensions in the Caucasus subside Russia will use its power as the main energy supplier to the European Union and Turkey to threaten them with gas shortages.

According to Erdem, Georgia’s attack at the beginning of last month against the pro-Russian breakaway region of South Ossetia, which sparked a Russian invasion, was an unwise move that has left Turkey and the EU in a difficult situation.

Ankara cooperates with Georgia in the field of energy. Turkey hopes to use gas and oil pipelines that pass through Georgia and end in Turkey to establish itself as an energy hub for Europe. It also provides Georgia with critical military assistance and training. But it has important ties with Russia, too. Russia is Turkey’s biggest trading partner, with an estimated trade volume of $38 billion this year. Turkey is a key buyer of Russian natural gas, relying on Russia for as much as 65 percent of its supply. (more…)

Posted by meb at September 4th, 2008

Turkey is planning to increase natural gas deliveries from Azerbaijan for winter and Turkey’s energy minister will visit Baku for this aim, Azerbaijani ABC.az reported citing state-run Petroleum Pipeline Corporation (BOTAS) on Thursday.

BOTAS informed that the minister would discuss the company and the Turkish Ministry of Energy and Natural Resources’s plan to increase the daily gas delivery from Azerbaijan to 12-15 million cubic meters (cu m) from 8 cu m, during his visit to Baku, the report said.

“BOTAS has commenced filling the gas storages in Silifki. If in the winter months Iranian gas export is stopped again and Russia Gazprom refuses delivering extra gas, then that demand will be covered due by the stores and Azeri gas.”

Turkey’s Energy Minister Hilmi Guler is leaving for Baku to request an increase of natural gas deliveries from Azerbaijan, the report also said. (more…)

Posted by meb at August 15th, 2008

Turkey faces a big dilemma amid the changing political landscape of the Caucasus, as it looks to strengthen its position as a transit country for energy routes, and the mounting pressure to balance its relations with Russia and the United States.
Russia’s message in the five-day clashes in the Caucasus was clear: The region is still the backyard of Moscow, which is the main actor that would ensure the energy supply security for Europe.
In other words the sudden spark in the conflict that brought Georgia to its heels, reasserted Russia’s claim as the dominant force in the region, and dealt a blow to the U.S. prestige. (more…)