Turkish Economic News, Infastructure and Projects

Turkish Airlines to increase number of flights to Russia

6 July 2016 14:14 (UTC+04:00)

Turkish Airlines will increase the number of flights from Turkey’s resort province of Antalya to Russia, Turkish Hurriyet newspaper reported July 6 citing the head of the company’s representative office in Russia Mefail Deribash as saying.



Deribash said this decision was made due to the increasing demand for flights to Turkey, as well as the lack of charter flights.

Turkish Airlines will implement flights from Antalya to Moscow three times a day, he added.

Russian President Vladimir Putin signed a decree June 30 lifting Russia’s restrictions against Turkey. Putin also instructed the Russian government to take steps aimed at lifting the ban on charter flights between the two countries. He cancelled restrictions on the sale of tours to Turkey.

http://en.trend.az/business/economy/2554587.html

China, Turkey to further economy, to increase investments

China and Turkey need each other: Beijing tries to revive the Silk Road that ends in Istanbul, while Ankara needs more investments for its rapidly growing economy. The high-speed railway system, nuclear deal and ongoing business will strengthen bilateral relations

Turkish-Chinese economic relations have been strengthened, and Beijing is making bigger investments to revive the historical Silk Road, making the two countries dependent on each other, as one is the first and the other is the last stop. A high-speed railway system from China to Turkey would provide Beijing with a direct gateway to Europe, while a recently signed nuclear deal contributes to Turkey's defense system in the region. The two countries seem keen to further relations beyond simple trade activities, increase trade budget and allow each other to make billion of dollars in investments. Turkey and China, which have rapidly growing economies, consider each other as an opportunity to increase cooperation.

The Daily Sabah team, invited by the Chinese Embassy in Ankara, was in Beijing last week to talk to businessmen that want to invest in Turkey and to learn about the high-speed railway plan. China is aware that Turkey is strategically located with connections to the Balkans, the Middle East, the Caucasus, Central Asia and Europe and is a member of several international treaties. Beijing wants Ankara to develop more efficient cooperation and to open the way for bigger investments. In return, Ankara understands that a huge part of the world economy is produced in China, as the country has a giant manufacturing industry, natural resources, a population of 1.3 billion and veto power in the U.N.

Turkish-Chinese relations have developed in recent years, especially under the rule of the Justice and Development Party (AK Party). When the party took power in 2003, the trade budget between the two countries was around $1 billion. However, in a decade that has increased to $27 billion. Moreover, nearly 10 agreements have been signed in the last decade to improve trade.

Turkish-Chinese relations can improve due to the establishment of a high-speed railway system between Istanbul and Ankara by a Chinese company. The railway, costing $4.1 billion, cuts the 533-kilometer-long journey between the two cities from a typical seven hours to three-and-a-half. The Turkish State Railways plans to allocate nearly $45 billion to build 10,000 kilometers of new high-speed railways and 4,000 kilometers of new conventional line by 2023. Most of the railway will be built by Chinese companies, at least Beijing wants the companies to be involved in the construction somehow.


Our team visited the Beijing National Railway Research Company (CRSC), which is involved in construction of the Istanbul-Ankara railway and has built high-speed railways and tubes in several countries, including Iran, Venezuela, and the U.S. The company believes that a high-speed railway system is better than planes because it carries more passengers, is safer and useful for trade transportation. Having built a 19,000-kilometer-long high-speed railway system, almost every part of China is accessible, even the Tibet region where the temperature can drop to minus 40 in winter. Moreover, the company is experienced building a railway system in desert, in windy areas and even on islands. These features make the company more attractive for Turkey, as the landscape changes drastically from west to east and north to south. When the railway is constructed, it'll connect airports, metros or bus terminals, enabling a non-stop journey. As China becomes a center of trade and manufacture, a company like CRSC can increase cooperation with international companies.

After mentioning Turkey's importance for China and the need to further cooperation, CRSC Deputy General Manager Wang Jinzhou said: "The train system will connect China to Russia, Turkey and Europe. Train and seaways will be connected. While China will have access to the whole world and be a center for trade, Turkey will be one of the most important stops on this circle. It is a win-win situation." Praising improving bilateral relations, he added: "The improvements are not enough as the two countries have greater potential. More investments with bigger money are necessary." China Travel Service (CTS) official Jacky Wan added that Turkey and China must know each other better and see the potential for more investments. He said more Chinese businessmen must visit Turkey, while their Turkish counterparts must more frequently come to China to see what can be done.

Mehmet Ali Yaşar, senior member of the Turkey-China Friendship Foundation, said that the two countries understand that they need each other, as China wants a gateway to Europe and Turkey has a growing population and economy. "China facilitates investments and loans that are signs of its willingness to invest in Turkey. Moreover, when compared to Western countries, it is easier to cooperate with China. Western countries and their companies pressure Turkey under the pretext of freedom of speech, etc. Their intention is to weaken Turkey, while China wants to see a stronger Turkey for stabilization in the region." "One of the differences between the West and China is that the West does not want the Middle East to become unified and stabilized. But, China is in favor of stabilization and stronger countries, as it wants to sell what it produces."

The Daily Sabah team was also able to visit Urumqi, one of the major cities in East Turkistan or the Xinjiang Uighur Autonomous Region. China aims to turn Urumqi into a trade hub, as the city is the first station on the high-speed railway and decorated with gigantic buildings. The human rights abuses suffered by Turkic speaking Uighurs and many other Muslim minorities by the Chinese government, such as the ban on fasting in Ramadan for officers and students, have made relations between Turkey and China problematic in the past, but Beijing will create a free trade zone in Urumqi for Turkish investors. Even now, Turkish brands are very popular in bazaars and markets.

Energy and Natural Resources Minister Berat Albayrak and Chinese National Energy Administration Director Nur Bekri signed a memorandum of understanding regarding cooperation between the two countries in the field of nuclear power last week. Reportedly, the two ministers also reflected on strong cooperation in other energy fields. Albayrak talked about Turkey's investment opportunities in energy, coal and renewable energy, in particular, and invited Chinese firms to invest in Turkey.

http://www.dailysabah.com/money/2016/07/04/china-turkey-to-further-economy-to-increase-investments?

Experts: Turkish-Russian normalization to fuel economic relations

July/05/2016

Recent moves to normalize ties between Turkey and Russia will benefit both sides’ economy as well as the region’s economy, particularly in the energy, tourism and trade sectors, according to officials and experts.

A downturn in relations occasioned by Turkey’s downing of a Russian jet last November especially impacted economic and trade ties.

After roughly nine months of disagreement, Turkish President Recep Tayyip Erdoğan and Russian President Vladimir Putin agreed to revive their stalled bilateral relationship in their first direct contact on June 29, fueling hopes about restoring economic and trade ties.

Russian Economic Development Minister Alexey Ulyukayev said the trade and investment relations between Turkey and Russia would be rebuilt, according to a TASS report.

“Trade and investment relations with Turkey will be restored,” he said in an interview with Gazeta.ru, TASS reported July 1.

An expert from the Energy Markets and Policies Institute (EPPEN) said the improving relations would make the most positive contributions in the energy sector.

“Russia has heavily invested in Turkey’s energy sector,” said EPPEN’s Volkan Özdemir, as quoted by Anadolu Agency, noting that a possible resolution over gas prices would be significant if both sides can agree.



Nigyar Masumova, an academic from the World Economy Department of Moscow State International Relations University, said the normalization in ties was some good news during difficult days for the both countries.

Trade and tourism ties will return to the former levels in a short time, Masumova said, according to Anadolu Agency, while adding that the planned Turkish Stream project could be delayed due to economic problems in Russia.

“We believe that the sanctions imposed by Russia on fresh fruit and vegetable imports from Turkey will likely be abolished in the autumn,” she added.

The head of the Agriculturalists Association of Turkey (TZOB), Şemsi Bayraktar, earlier noted that his sector’s losses had reached $290 million over the year due to the political problems with Russia.

“Russia’s share in our fresh fruit and vegetable exports was 39 percent on an amount basis and 42 percent on a value basis. The sector’s exports have been negatively affected since sanctions were imposed by Russia on Jan. 1. While Turkey made around $368.2 million in revenue in exchange for around 530,000 tons of fresh fruit and vegetable exports to Russia in the first five months of 2015, this figure plunged to around $78.2 million of revenue for some 113,000 tons of exports,” Bayraktar said in a press meeting on July 1.  

In the first four months of the year, Turkey’s exports to Russia dropped to $484.6 million, a 61.5 percent decrease compared to the same period of 2015.

http://www.hurriyetdailynews.com/turkish-russian-normalization-to-fuel-economic-relations-experts.aspx?pageID=238&nID=101255&NewsCatID=344

GCC-Turkey investment forum on way


The Bahrain Chamber of Commerce and Industry (BCCI) in cooperation with the Federation of GCC Chambers (FGCCC) and the Union of Chambers and Commodity Exchange of Turkey (TOBB) is organising the second GCC-Turkey Economic and Investment Forum in Bahrain between first and second November 2016. The event will be held under the patronage of Prime Minister HRH Prince Khalifa bin Salman Al Khalifa.



During a press conference held at Bait Altijjar, the head of the Bahraini side of the Bahraini-Turkish Joint Business Council Ahmed Binhindi said, “The forum aims to strengthen economic ties between Turkey and the GCC countries, promote regional integration and diversification, and step-up investment, trade, and business activities”.

The forum features opening speeches by key participants, and four panel sessions. The first session would discuss the topic “Healthcare and Health Tourism: Indispensable Priority to Benefit Quality Treatment”, while the second session is on “Infrastructure and Technical Consultancy: How to Build a Sound Cooperation?”. The third and fourth session would discuss the topics “Defence Industry: A Prospective Commitment to Region’s Safety, Security and Stability” and “Logistics and Transportation Networks: Building Connectivity of the GCC With the Rest of the World”, respectively.

Binhindi urged all to take part in the event which also includes B2B meetings. The event would also result in a declaration stating the decisions and recommendations of the forum.

Moscow jump-starts economic cooperation with Ankara

MOSCOW - Russian Prime Minister Dmitry Medvedev on Saturday signed a decree for the continuation of commercial and economic cooperation with Turkey, in another sign of thawing between the two countries.

The decree will be carried out until 2019 with the Turkish government, according to a statement released Saturday from Russian government's press office. The negotiations for the establishment of a common fund will also resume in order to finance investment projects in both countries, the statement added.

http://aa.com.tr/en/turkey/moscow-jump-starts-economic-cooperation-with-ankara/613920?

The Marmaray



Marmaray is a partially operational rail transportation project in the Turkish city of Istanbul. It comprises an undersea rail tunnel under the Bosphorus strait, and the modernization of existing suburban railway lines along the Sea of Marmara from Halkalı on the European side to Gebze on the Asian side. The procurement of new rolling stock for suburban passenger traffic is also part of the project.




Metrobüs



Metrobüs is a 50 km bus rapid transit route in İstanbul, Turkey with 45 stations which follows the city's ring-road via Avcılar, Zincirlikuyu and the Bosphorus Bridge to Söğütlüçeşme using dedicated bus lanes for much of the route.

The busway, the first section of which opened in 2007 after two years of construction, is used by a number of Metrobus lines which operate within this ‘closed’ system carrying 800,000 people daily. The Turkish authorities have since assisted with the development of a similar system in Lahore, Pakistan, which opened in 2013. The name Metrobüs was coined by the transit agency to suggest that this system is a hybrid between a metro train (Turkish: metro) and a bus[color=#990000 (Turkish: otobüs)[/color].




YHT



Yüksek Hızlı Tren or YHT (English: High-Speed Train) is the high-speed rail service of the Turkish State Railways, currently operating on two lines: Ankara to Istanbul via Eskişehir and Ankara to Konya via Polatlı. YHT is the only high-speed rail service in Turkey, with trains operating at speeds of up to 250 km/h (HT65000) or 300 km/h (HT80000).




TAI TFX



TAI TFX is a twin-engine all-weather Fifth-generation Turkish aerial superiority fighter jet being developed by Turkish Aerospace Industries (TAI) with technological assistance from BAE Systems of the United Kingdom. The aircraft is slated to replace the Turkish Air Force's F-16's and is being planned to be offered to foreign air forces as-well. The project is one of many ongoing high-profile military projects in Turkey.




Altay (tank)



The Altay is a modern main battle tank, designed and developed by Otokar, a subsidiary of Koç Holding, for the Turkish Army and export markets. It is named in honor of Army General Fahrettin Altay who commanded the 5th Cavalry Corps in the final stage of the Turkish War of Independence.




The Yavuz Sultan Selim Bridge



The Yavuz Sultan Selim Bridge, initially named the Third Bosphorus Bridge, is a project to construct a bridge for rail and motor vehicle transit over the Bosphorus, north of two existing bridges in Istanbul, Turkey. The bridge will be situated between Garipçe in Sarıyer on the European side and Poyrazköy in Beykoz on the Asian side. The foundation stone laying ceremony was held on 29 May 2013.

The bridge is part of the projected 260 km long Northern Marmara Motorway (Turkish: Kuzey Marmara Otoyolu), which will bypass urban areas of Istanbul in the north connecting Kınalı, Silivri in the west and Paşaköy, Hendek in the east. The 58.4 m wide bridge will be 2,164 m in length with a main span of 1,408 m. The main span of the bridge will be eighth-longest among suspension bridges in the world.




RV MTA Turkuaz



The RV MTA Turkuaz is a Turkish research and survey vessel owned by the General Directorate of Mineral Research and Exploration (MTA) in Ankara and will be operated in deep waters by its division of Geophysical Directorate for Subsea Geophysical Exploration. Commissioning of the research vessel is planned for 2016.

The research vessel was ordered by Defence Industry Undersecretariate at Ministry of National Defence on April 24, 2012. She was entirely designed in SEFT Ship Design Co. by Turkish engineers, and built at Istanbul Shipyard in Tuzla, Istanbul, Turkey as the first-of-its-kind. She was launched on March 28, 2015. She will conduct a wide variety of research work including oceanography, hydrography, bathymetry, undersea geology, earthquake engineering, climate change, marine pollution, ecological research and undersea engineering in addition to geophysics for oil and gas exploration. The vessel cost around Turkish lira symbol 8x10px.png300 million (approximately US$115 million). It is projected that the vessel will be in use for at least 30 years

The Akkuyu Nuclear Power Plant



The Akkuyu Nuclear Power Plant is a nuclear power plant under construction at Akkuyu, in Büyükeceli, Mersin Province, Turkey. It will be the country's first nuclear power plant.

In May 2010, Russia and Turkey signed an agreement that a subsidiary of Rosatom — Akkuyu NGS Elektrik Uretim Corp. — would build, own, and operate a power plant at Akkuyu comprising four 1,200 MW VVER units. The agreement was ratified by the Turkish Parliament in July 2010. Engineering and survey work started at the site in 2011. The construction of the first unit will begin in 2016, with the four units put into service in 2022–25.

In 2013, Russian nuclear construction company Atomstroyexport (ASE) and Turkish construction company Ozdogu signed the site preparation contract for the proposed Akkuyu nuclear power plant. The contract includes excavation work at the site. The official launch ceremony took place in April 2015, and the first unit is expected to be completed in 2022.





Kanal İstanbul



Kanal İstanbul is the Turkish project name of the artificial sea-level waterway, which is being built by the Republic of Turkey on the European side of Turkey, connecting the Black Sea to the Sea of Marmara, and hence to the Aegean and Mediterranean Seas. Kanal İstanbul would bisect the current European side of Istanbul and thus form an island between the continents of Asia and Europe (the island would have a shoreline with the Black Sea, Sea of Marmara, the new canal and the Bosphorus). The new waterway would bypass the current Bosphorus. Kanal İstanbul aims to minimise shipping traffic in the Istanbul Strait. The project is intended for the 100th anniversary in 2023 of the foundation of the Turkish Republic.

The main purpose of the project is to reduce the marine traffic through the Bosphorus and minimize the risks and dangers associated particularly with tankers. The waterway will have a length of 45–50 km with a depth of 25 m. Its width will be 150 m on the surface and 120 m at the canal bed. These dimensions will allow the largest vessels and even submarines to pass.





Istanbul New Airport



Istanbul New Airport, or Third Airport, is an international airport under construction in Arnavutköy district on the European side of Istanbul, Turkey. The airport is planned as the largest airport in the world, with a 150 million passenger annual capacity, and was planned due to lack of capacity in the existing airports of Istanbul. It will be the third international airport to be built in Istanbul; Istanbul Atatürk Airport will be closed down once the new airport is operational. 27% of the construction of the airport was completed as of 9 June 2016.






Turkey's 1st Landing Platform Dock



SEDEF Gemi Insaati will construct the 27,436 tonne amphibious ship, based on Navantia's BPE (Buque de Proyección Estratégica) design, for the Turkish Navy's HCG-programme.

Local industry has a large role in the project, with Navantia (apart from its design role) teamed with local firm AYESAS to develop the hardware for the ship's integrated platform management system (IPMS), installing the IPMS, testing it and providing in-service maintenance. Navantia is also responsible for delivering design and technology transfer, and five 8,000 kW MAN Diesel & Turbo SE 16V32/40 diesel engines.






Indigenous Turkish Helicopter - (Arikopter)



Since the start, the project has been a subjact for 15 international articles, over a 100 international reports and 40 Master's thesis. A team of 60 people have worked on it since it started in 2002 by ITU. It is to be completed next year. The integration of main and infrastructure to the body frame are being carried on in TUSAS at the moment. Transmision ground test are to be started next month in Istanbul. After completing the certification period, the helicopter would be produced for many different utilities, such as education, health, media, business and diplomatic purposes.

Arikopter takes two pilots and six passengers, the rotor has a diagraqm of 11m, and it weighs two tons. National partners are TAI/TUSAS, ASELSAN, 5ABM, DEMETEK and PETEKSAN, Foreign partners are Turbomeca, Triumph, MVEN and AVIA.

These are just a few projects. I hadd'nt enough time to make a complete list.

Fact is that Erdogan changed Turkey's economy and infrastructure from Uganda-level to European-level.

And he pay'd off Turkey's debt to the IMF.

Turkey gets stronger and more independent.

Thats the reason why US and Israel support the PKK and the Gulenists to destroy Turkey.

Turkey Determined to Engage Gambia in Economic Cooperation -Ambassador Soner

The Turkish Ambassador to The Gambia has affirmed his country’s determination to engage The Gambia more in the fields of trade, education, health and culture, in strengthening the bilateral cooperation between the two countries.

Ambassador Ergin Soner was speaking recently during a press conference at his Embassy at the Brufut Heights in the wake of the attempted coup in his country.

“Turkey and The Gambia have been enjoying friendly relations for a very long time. Turkey is one of the first countries in the world which recognised Gambia’s independence back in 1965. After that starting from the early 90s, Turkey and The Gambia were able to develop military cooperation as Turkey’s Armed Forces started organising training programmes for members of The Gambia Armed Forces. I am sure the bilateral cooperation between the two countries will improve a lot more than the present level,” he added.

According to him, despite the fact they were late to open up their embassy in The Gambia, the bilateral relationships between the two countries over the years have blossomed.

He indicated that Turkey and The Gambia opened up embassies in each other’s capital in 2011 and 2012 respectively. With the opening of these two embassies, Ambassador Soner maintained that the two countries were able to register gains in various areas.

The Turkish diplomat indicated that the Turkish Cooperation Agency (TIKAD) has already been having a lot with some state-owned agencies and ministries, but that they are very much eager to attract more Turkish private sector businesses into The Gambian market.

“With the help of the Turkish private sector so many advantages would be achieved on both sides. First, they will start better economic activities here and they will be able to create new job opportunities for Gambian families. There will be extra financial contribution to the Gambia’s annual budget as well as boost the financial standing of the private sector.”

In terms of economic relations between the two countries, Ambassador Soner noted that they are looking at a bigger picture than just bilateral relations as they want The Gambia to be a commercial industrial investment base for Turkey in the West Africa region.

“We have a perfect atmosphere and at the level of political relations between the two countries especially at the governmental level, we are so close to each other. We are supporting each other in almost every effort globally, like international fora and meetings. So all we have to do is turn these already perfect political relations into better economic trade cooperation,” he affirmed.

by Sheriff Janko

http://observer.gm/turkey-determined-to-engage-gambia-in-economic-cooperation-ambassador-soner/?

Turkish Stream natural gas talks with Russia restart


Turkey wants to export 15.7 billion cubic meters of natural gas, Russian Energy Minister Novak says

29.07.2016 economy

ANKARA - Russian Energy Minister Aleksandr Novak said that the talks with Turkey have resumed on the Turkish Stream natural gas project on Friday.

Speaking to Russian news channel Rossiya 24, Novak said that Turkey wants to export 15.7 billion cubic meters of natural gas from Russia via the planned direct route.

"The talks with Turkey restarted for constructing two pipelines for the Turkish Stream natural gas pipeline project. It is planned that, in the second pipeline, natural gas will be carried to southeast Europe," Novak said.

The Turkish Stream project aims to transfer Russian natural gas to Europe via the Black Sea and Turkey.

However, a lack of progress in the project was put down to Russia's non application of the 10.25 percent gas price discount to Turkey's gas contract with Russia which was previously agreed on. After the Russian jet downing last July, both Turkish and Russian officials issued statements about freezing talks on the Turkish Stream project.

http://aa.com.tr/en/economy/turkish-stream-natural-gas-talks-with-russia-restart/617988?

Turkish lira firms boosted by restored Russia relations

Turkish lira rise to 2.9452 against dollar, highest since July 15, and boosted by normalized Turkish-Russian relations

ANKARA

Despite opening positive on the daily session, Turkish stocks lost 0.72 percent after the fluctuating price of oil and slow corporate earnings on Wednesday.

Borsa Istanbul's BIST-100, the country’s benchmark index, was up 0.19 percent (150.06 points), reaching 78,674 at the opening of the daily session on Wednesday in line with the optimistic atmosphere generated by the restoration of Turkish-Russian relations – following a crisis last November, after closing at 0.96 percent on Tuesday.

But shares in Borsa Istanbul national 100-share index ended the day down with 0.72 percent at 77,955.65 points.

Shares in Borsa Istanbul's most actively traded stock, Garanti Bank, lost 2.91 percent to 7.67 lira, while heavily-traded Emlak Konut shares rose 1.38 percent to 2.93 lira.

Shares in Turkey's flag carrier Turkish airlines traded just 2.09 percent lower at 5.61 lira after increasing 6.2 percent on in the previous day.

The total trading volume was 3.9 billion Turkish liras ($1.31 billion).

President Recep Tayyip Erdogan on Wednesday urged Turkish lenders to reduce interest rates in order to boost growth and promised not to compromise the country’s fiscal discipline. He referred to the recall of bank loans without sufficient reason as “treason”.

Looking forward to a time when interest rates come down and credit is expanded, he said: “No bank will be damaged by lower profit.”

Turkish banking stocks lost 1.78 percent after the president's speech, following 1.6 percent up on Tuesday after Turkey's Central Bank cut its requirement for the reserves banks must hold, as part of an effort to increase the amount of cash available to the economy.

On Wednesday, state-run Ziraat Bank cut home loan rates following the Central Bank’s decision to trim the overnight lending rate to 8.75 percent, bringing Ziraat’s owner-occupier rate to below 1 percent per month.

The Borsa Istanbul Gold Exchange index lost 1.68 percent in value on Wednesday, with gold trading at 127,739 Turkish liras per kilogram.

The Turkish lira rose to 2.9452 against the dollar, the highest since July 15, while the benchmark 10-year government bond yield fell to 9.40 percent from 9.41 percent.

Russian President Vladimir Putin and Erdogan said Turkish-Russian economic and political ties would be strengthened and more resilient. They also revived economic plans and sought policies for the Syrian conflict on Tuesday.

Analysts said that the optimistic atmosphere generated by the restoration of Turkish-Russian relations – following a crisis last November – and its effects on the real economy will gain ground in the weeks to come and also help the Turkish lira's recovery against the dollar.

http://aa.com.tr/en/economy/turkish-lira-firms-boosted-by-restored-russia-relations/626380

Azerbaijan-Turkey-Russia format – beneficial for whole region



12 August 2016 11:25 (UTC+04:00)

Baku, Azerbaijan, Aug. 12

By Rufiz Hafizoglu

The Azerbaijan-Turkey-Russia cooperation format will be beneficial for the whole region, said the Chairman of the Turkish-Russian Business Council Tuncay Ozilhan, Gazete Vatan newspaper reported Aug. 12.

Ozilhan also said that this format will open up new opportunities for Turkey.

“The Azerbaijan-Russia-Turkey format will allow Ankara to enter new and important markets, and companies of the country – to receive contracts for new works,” he noted.

Earlier, during his meeting with Russia’s President Vladimir Putin Aug. 9 in St. Petersburg, Turkish President Recep Tayyip Erdogan said that Azerbaijan, Turkey and Russia can create a trilateral mechanism of cooperation.

Erdogan added that Turkey and Russia have a positive attitude to the creation of a trilateral cooperation mechanism.

http://en.trend.az/world/turkey/2569331.html

Turkey to start building new bridge over Dardanelles next year




Baku, Azerbaijan, Aug. 18

Turkey will start building a new bridge over the Dardanelles strait the next year.

Construction of the bridge, dubbed Canakkale 1915, will begin March 18, 2017, the Yenisafak newspaper reported Aug. 18.

The length of the new bridge will be 2,023 meters, according to the newspaper.

Earlier, Turkey’s Prime Minister Binali Yildirim announced that the new Canakkale 1915 bridge will be built in the country’s Canakkale province.

http://en.trend.az/business/economy/2650316.html

Wind Power Plants

Number of Active Plants: 157
Total Installed Power: 5245 Megawatt

Soma Wind Power Plant


Installed Power: 240 Megawatt

Solar Power Plants

Number of Active Plants: 454
Total Installed Power: 593 Megawatt

Konya Karatay Kızören Solar Power Plant


Installed Power: 18 Megawatt

Geothermal Power Plants

Number of Active Plants: 25
Total Installed Power: 725 Megawatt

Efeler Geothermal Power Plant


Installed Power: 115 Megawatt

Hydroelectric Power Plants

Number of Active Plants: 577
Total Installed Power: 26322 Megawatt

Atatürk Dam and Hydroelectric Power Plant


Installed Power: 2.405 Megawatt

Natural Gas Power Plants

Number of Active Plants: 217
Total Installed Power: 24508 Megawatt

Enka Gebze Natural Gas Power Plant


Installed Power: 1.540 Megawatt

Coal and Lignite Fired Power Plants

Number of Active Plants: 38
Total Installed Power: 17510 Megawatt

Zonguldak Eren (ZETES) Thermal Power Plant


Installed Power: 2.790 Megawatt

Nuclear Power Plants

Akkuyu Nuclear Power Plant

Status: Under construction
Commission date: 2022
Units planned: 4 × 1200 Megawatt
Nameplate capacity: 4800 Megawatt

The governments of Russia and Turkey signed a cooperation Agreement in Ankara on May 12, 2010. The Agreement provides for construction of a nuclear power plant consisting of four power units of NPP-2006 project with VVER-1200 reactors of total capacity 4.800 MW in Mersin province located on the southern coast of Turkey.

Under the terms of the Agreement, the Russian side registered a project company Akkuyu Nuclear JSC (Akkuyu Nükleer Anonim Şirketi) in Turkey on December 13, 2011. The shareholders of Akkuyu Nuclear JSC are the following companies, authorized by the relevant Government Executive Orders of the Russian Federation:

Alexey Miller: legal framework for TurkStream established

The Agreement on the TurkStream project between the Government of the Russian Federation and the Government of the Turkish Republic was signed today in Istanbul, where the 23rd World Energy Congress is underway.

The document provides for the construction of two strings of the gas pipeline from Russia to Turkey across the Black Sea, as well as an onshore string for gas transit to Turkey's border with neighboring countries.

“The document signed today is extremely important as it sets out the legal framework for the TurkStream project. The Agreement has been prepared in an unprecedentedly short period of time, which shows the strong commitment of both sides to deliver the project as soon as possible.

This is entirely understandable because the TurkStream gas pipeline will substantially enhance the reliability of gas supply to Turkey, as well as southern and southeastern Europe,” said Alexey Miller, Chairman of the Gazprom Management Committee.

Background

On December 1, 2014, Gazprom and Turkey's Botas signed the Memorandum of Understanding to construct the TurkStream gas pipeline. The pipeline will run 660 kilometers along the old route of South Stream and cover 250 kilometers of a new route toward the European part of Turkey. It is planned that the first string with the capacity of 15.75 billion cubic meters will be used exclusively for gas supplies to the Turkish market.

In September 2016, Gazprom received a number of permits for the project from the Turkish authorities, including the first construction permit for the offshore section and the survey permit for the two strings of the offshore gas pipeline in Turkey's exclusive economic zone and territorial waters.

Alexey Miller: legal framework for TurkStream established

Gazprom to invest over $595 mln into Turkish Stream project in 2016

The company’s reviewed investment program for this year stipulates $228 mln to be earmarked for the expansion of the gas pipeline system to provide gas deliveries to the Turkish Stream, and $368 mln - for the implementation of the Turkish Stream project.

More:
http://tass.com/economy/910753

Iran, Turkey call for promotion of transport ties

Mon 7 November 2016 - 13:18



TEHRAN, Nov. 07 (MNA) – Iran’s Akhundi, at a meeting with Turkey’s economy minister, emphasized the need to facilitate transit relations between the two countries.

“Turkey should promote safety of transit routes for Iranian trucks traveling through the Turkish soil,” Iran's Minister of Road and Urban Development Abbas Akhundi said on Sunday at a meeting with Turkey’s Minister of Economy Nihat Zeybekci.

The Iranian official called for completion of railway connection between Iran and Turkey asserting “easier transportation will facilitate trade between the two sides.”

Akhundi Noting that Iranian trucks are occasionally attacked when travelling inside Turkey urging the Turkish side to promote safety for the Iranian trucks.

The Iranian minister also encouraged connecting Bazargan–Kars railway as well as completion of the railroad which surrounds Lake Van.

Turkish Economy Minister Nihat Zeybekci, for his part, voiced his regret for attacks on Iranian trucks in the Turkish soil noting “Turkish government is committed to boosting safety of passing trucks in line with international standards.”

He went on to underline that “Turkish companies are interested at participating in Iran's infrastructure projects.”

The official added that Turkey will do its best to facilitate banking cooperation with Iran.

Since the beginning of the current Iranian calendar year (started March 20), more than ten Iranian trucks have suffered from terrorist attacks inside Turkish territories and the Iranian government has repeatedly urged Turkish officials to provide Iranian drivers with safety and compensate for previous losses.

http://en.mehrnews.com/news/121137/Iran-Turkey-call-for-promotion-of-transport-ties

Turkey aims to boost trade ties with Iran, Turkish economy minister says

November 6, 2016 | 10:03:27



Turkey aims to increase the number of goods entailed in its preferential trade agreement with Iran to 200 in 2016, Economy Minister Nihat Zeybekci said during his visit to Iran on Saturday.

Speaking at a press conference after bilateral meetings followed by an inter-delegation session with Iranian Communications Minister Mahmoud Vaezi, Zeybekci said the trade volume between the two countries got a boost during the first nine months of this year.

“Iran’s trade volume with Turkey has increased to 45 percent. Our trade volume within the scope of the preferential trade agreement has increased to 34 percent. This is very important.

“We are planning to increase the number of goods entailed by the preferential trade agreement to 200 this year. We will sign an agreement [to this effect] by 2017,” Zeybekci said.

The $30 billion trade volume goal between Turkey and Iran can be reached soon, he said.

“We are here as presidents of the Joint Economic Commission. It is quite significant that we will conduct the first preferential trade agreement — which will be applied in 13 countries – in Tehran,” he added.

Vaezi, for his part, said both sides discussed trade, investments, customs, banking, shipping and tourism.

“A great effort must be made to reach the target of $30 billion trade volume,” he added.

Speaking at a press conference after meeting Iranian Minister of Industries, Mines and Trade Reza Nematzadeh, Zeybekci said preparations were being made for the use of respective countries’ national currencies for trade purposes between the two sides’ central banks.

“The Iranian banks need to be able to bank freely in Turkey. The related arrangements have been made and the mutual agreements have been signed. We want Turkish banks to be in Iran,” he said.

While Turkey’s Halkbank was already in Tehran, Zeybekci said they also wanted Ziraat Bank to be there.

Nematzadeh hoped for an improvement in the banking sector between Turkey and Iran.

“We expected that when sanctions [on Iran] are lifted, our banking relations would return to normal levels, but this has still not happened,” he said.

Source: Anadolu Agency

http://realiran.org/turkey-aims-to-boost-trade-ties-with-iran-turkish-economy-minister-says/

Turkish lira further slumps against US dollar as Fed December rate hike likely

The Turkish lira extended losses against the U.S. dollar on Thursday as inflation and labor market data from the world's largest economy bolstered expectations for an interest rate hike by the U.S. Federal Reserve in December.

The lira reached a historic low of 3.35 versus dollar, bringing its losses to nearly 15 percent in the past three months, while last week alone saw lira losing 3.1 percent value against dollar.

Although nearly all currencies have depreciated over the last couple of months amid strengthening of the dollar, the domestic political tensions and growing discord with the U.S. and Europe also contributed to the decrease in lira.

In other emerging currencies, Chinese yuan lost 1.1 percent in value against U.S. dollar in the last week, whereas Indian rupee decreased by 1.3 percent, South African rand by 1.3 percent and Polish zloty by 4 percent. Russian ruble recovered by 0.6 percent against dollar last week.

U.S. consumer prices recorded their biggest increase in six months in October on rising gasoline costs and rents, suggesting a pickup in inflation that potentially clears the way for the Federal Reserve to raise interest rates in December.

Prospects for a rate hike next month also got a boost from other data on Thursday showing first-time applications for unemployment benefits tumbling to a 43-year low last week and housing starts surging to a nine-year high in October.

The reports painted an upbeat picture of the economy early in the fourth quarter and came as Fed Chair Janet Yellen said the U.S. central bank could raise borrowing costs "relatively soon."

The Labor Department said its Consumer Price Index increased 0.4 percent last month after rising 0.3 percent in September. In the 12 months through October, the CPI advanced 1.6 percent, the biggest year-on-year increase since October 2014. The CPI increased 1.5 percent in the year to September.

Underlying inflation continued to slow last month as healthcare costs moderated after recent hefty gains. But with rents pushing higher, that trend is unlikely to be sustained.

The so-called core CPI, which strips out food and energy costs, climbed 0.1 percent last month after a similar gain in September. That slowed the year-on-year increase in the core CPI to 2.1 percent from a 2.2 percent rise in September.

The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.7 percent.

The dollar pared losses against a basket of currencies after the data, while prices for longer-dated U.S. government bonds fell sharply. U.S. stock index futures rose.

In another report, the Labor Department said initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 235,000 for the week ended Nov. 12, the lowest level since November 1973.

Claims have now been below 300,000, a threshold associated with a healthy labor market, for 89 straight weeks. That is the longest run since 1970, when the labor market was much smaller.

US inflation poised to rise

The firming inflation backdrop and labor market that is approaching full employment are likely to encourage the U.S. central bank to raise borrowing costs at its Dec. 13-14 policy meeting. In prepared remarks to lawmakers on Thursday, Yellen said a rate hike would be appropriate if economic data kept pointing to an improving labor market and rising inflation.

"Such an increase could well become appropriate relatively soon," Yellen said.

The Fed this month left interest rates unchanged. The bank lifted its benchmark overnight interest rate last December for the first time in nearly a decade.

Inflation could push higher in the coming years if president-elect Donald Trump's proposal to boost infrastructure and defense spending is implemented. The fiscal stimulus, against the backdrop of full employment, would entail a much faster pace of interest rate hikes than currently anticipated.

Last month, gasoline prices jumped 7.0 percent after rising 5.8 percent in September. Gasoline accounted for more than half of the increase in the CPI last month. But households got respite from food prices, which were unchanged for a fourth straight month.

Food consumed at home declined for a sixth consecutive month. Medical care costs were unchanged for a second month as a rise in hospital services was offset by a decline in the cost of doctor visits. Prescription medicine price increases also moderated from September's strong gain.

Rents increased 0.4 percent last month after rising 0.3 percent. Owners' equivalent rent of primary residence rose 0.3 percent after gaining 0.4 percent in September. Households also paid more for a range of other goods and services last month, including new motor vehicles, apparel, education and tobacco.

The firming labor market and rising rents are boosting the housing sector. In a third report, housing starts jumped 25.5 percent to a seasonally adjusted annual pace of 1.32 million units last month, the highest level since August 2007.

The percent increase was the biggest since July 1982. Starts increased in all four regions last month. Single-family homebuilding, which accounts for the largest share of the residential housing market, jumped 10.7 percent to an 869,000-unit pace in October, the highest in nine years.

Housing starts for the volatile multi-family segment soared 68.8 percent to a 454,000-unit pace. Starts for buildings with five units or more hit their highest level since June 2015.

Turkish lira further slumps against US dollar as Fed December rate hike likely

Turkey, Russia establishing consortium for building Akkuyu plant
18 September 2017 12:02 (UTC+04:00)

Turkey and Russia are establishing a consortium for the construction of Turkey’s first Akkuyu nuclear power plant upon the Russian project, the Turkish media reported Sept. 18.

The construction of the nuclear power plant will be launched in March 2018.

The Akkuyu nuclear power plant is the first nuclear power plant project in the world, being implemented upon the BOO ("build-own-operate") model.

Moreover, the Akkuyu nuclear power plant project includes the construction of four power units with Russia’s Gen III+ VVER reactors. The capacity of each power unit of the nuclear power plant will be 1,200 MW.

Earlier, it was reported that Russia’s investments in the project will reach $22 billion. The Turkish side expects the first nuclear power plant to be commissioned in 2023.

Rosatom State Atomic Energy Corporation signed an agreement on the main conditions for the Turkish energy companies Cengiz Holding, Kolin Insaat and Kalyon Insaat to join the shareholders of the Akkuyu Nuclear JSC, which is implementing the Akkuyu nuclear power plant project.

The agreement was signed at the 9th international forum Atomexpo-2017 in Moscow in June 2017.

The Turkish consortium claims 49 percent in Akkuyu Nuclear company. The amount of the possible transaction has not been disclosed. But it will be the biggest investment of foreign companies into Russian projects being implemented outside the country and the world's biggest private investment in nuclear energy sector over the past 17 years.

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https://en.trend.az/business/energy/2797697.html

Turkish President: we support the Chinese project “One Belt, One Way” https://regnum.ru/news/polit/2659256.html

Turkish President: we have common perspectives with China https://regnum.ru/news/polit/2659255.html

The Turks should have been pursuing China much harder a longgggggggg time ago and drop the stupid Uyghurs nonsense a long time ago - an irritant that ONLY benefits one big fat state and its true allies... of which Turkey isn't one. Erdogan had been too slow on this, one of his many missteps.

Not surprisingly, the Anglo media hasn't taken it kindly what's been developing in Beijing today (which means they purposefully put the word out). Makes the S-400 July drop even more tantalizing in terms of political drama. If you're getting encircled and trapped by the U.S and its local minions why would you have irritants in your relations with the second biggest economy on the planet. Made no sense.