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New investment fund set to strengthen ties between Russia and Turkey

Putin and ErdoganThe flourishing political and economic alliance between Russia and Turkey wracked up a notch this week with the announcement that the two countries had now formally agreed to set up a joint Russia-Turkey Investment Fund.
The two signatories to the agreement (more…)

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Turkish Stream #2 gets sign-off

Gazprom and Switzerland’s Allseas are reported to have signed an agreement for the construction of a second, 900km Turkish Stream pipeline running from its Siberian gas fields along the the bed of the Black Sea to Turkey.
The two companies (more…)

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Korean consortium on track to win Canakkale Bridge contract

Canakkale Bridge routeTurkey looks set to celebrate the 101st anniversary of the Canakkale War – better known to the rest of the world as the Gallipoli campaign when the Allies of the First World War launched a costly and unsuccessful assault on the Dardanelles – with a ground breaking ceremony to mark the start of construction of the $2.6bn suspension bridge over the Dardanelles Strait, (more…)

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Putin signs up to Turkish Stream

Putin ratifies Turkish Stream 080217The new axis that has been developing between Istanbul and Moscow in recent months appeared to strengthen even further yesterday when President Vladimir Putin signed a bill ratifying the construction of the Turkish Stream pipeline that will eventually carry natural gas from Russia under the Black Sea to Thrace on Turkey’s border with Greece.
Turkish Stream (more…)

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Erdogan opens Eurasia Tunnel but what next for other mega projects?

Erdogan opens Eurasia TunnelWith a third bridge across the Bosphorus already completed last summer and this week’s opening of the $1.2bn Eurasia Tunnel expected to cut the journey time between the Asian and European sections of the city from over an hour and a half down to 15 minutes, Recep Tayyip Erdogan appears to be on track to honour his pre-election pledge (more…)

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Erdogan rubber-stamps Turkish Stream

Turkish President Tayyip ErdoganTurkish President Recip Erdogan has paved the way for construction of the Turkish Stream pipeline to begin after officially ratifying the Russian-Turkish accord concerning a new natural gas pipeline running from Krasnodar in southern Russia, along the bed of the Black Sea to Turkish Thrace. The announcement (more…)

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Turkey’s renewable energy sector leads the way as green investment in Eastern Europe set to hit $665bn by 2030 – IFC

ifc-reportRenewable Energy: Russia, Turkey, Ukraine and Serbia are on track to attract $665bn in ‘climate-smart’ investment over the next 15 years, according to a new report from the The International Finance Corporation (IFC), Climate Investment Opportunities in Emerging MarketsAround (more…)

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Moscow and Ankara bury their differences to set up $1bn Russian Turkish investment fund

Russian Economy MIinsiter Ulyukaev and Turkey's EM Zeybeci Istanbul 09/10/16Russian Turkish investment fund: With Russian President Putin due to meet with his Turkish counterpart Recep Erodgan at the World Energy Congress in Istanbul today,  Moscow and Ankara took another significant step towards (more…)
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Miller’s Istanbul visit nudges Turkish Stream pipeline back on track

Turkey's Energy Minister Bert Albaruak and Gazprom CEO Alexey Miller Istanbul 31-8-16Turkish Stream: Gazprom chief Alexey Miller flew into Istanbul yesterday for talks with Turkey’s Minister of Energy and Natural Resources Berat Albayrak that appear to have helped put the Turkish Stream gas pipeline project back on track again. (more…)

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Moody’s upgrades outlook for Russia and China but downgrades Turkey

Chinese bottling plantMoody’s Investors Service yesterday revised upwards its macro outlook for Russia and China, but forecast that Turkey would grow less than previously expected. The credit rating agency’s analysts are now predicting that overall growth across the G20 emerging markets will reach 4.4% this year and 5% in 2017. More specifically, (more…)

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Ankara and Moscow ready to resume Turkish Stream talks, say both sides

Russian Deputy Prime Minister Arkady DvorkovichTurkish Stream talks: Turkey has confirmed that it is ready to continue negotiations about the Turkish Stream gas pipeline project, Russia’s Deputy Prime Minister Arkady Dvorkovich claimed this week, after a meeting between representatives from the two countries’ energy ministries on Tuesday.
His claim was corroborated by Turkey’s Economy Minister Nihat Zeybekci , who confirmed that “political decisions” were “in place to settle the issue of further implementation of the project.
“We are open for construction of the first line of the Turkish Stream from standpoint of Turkey’s need for natural gas,” he added. 
Turkish Stream RouteConstruction of the 1,100km, 63bcm capacity Turkish Stream pipeline intended to deliver Russian gas to Turkey via the Black Sea was initially scheduled to begin in 2014 but was delayed after Moscow and Ankara failed to reach an intergovernmental agreement, and negotiations on the project were suspended after Turkey shot down a Russian jet in Syria in November 2015. 
Relations between the two countries began to improve last month after Turkey’s President Erdogan apologised for the incident, and Russia’s support during the recent abortive coup attempt seems to have eased tensions further.

Akkuyu Nuclear Power PlantThe future of the Akkuyu nuclear power plant was also discussed at Tuesday’s meeting, Dvorkovich said, apparently putting paid to rumours that Rosatom, the Russian state-run nuclear power enterprise that was contracted to build the $20bn, 35bn kwh facility in 2010, was planning to sell its 49% stake in the project.The Akkuyu plant is located in the southern province of Mersin, and is the first of three nuclear power plants that Turkey plans to build to reduce its dependence on energy imports. “There is some progress here already,” Dvorkovich told reporters. “The necessary regulatory framework is being finished by the Turkish side. We expect to be able to move forward quite quickly.’
 
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Ankara thanks Russia for support over Turkish coup as relations thaw further

turkish coupTurkish coup: Turkish Foreign Minister Mevlut Cavusoglu today expressed his country’s gratitude to Russia for its “unqualified” support during the attempted military coup earlier this month and indicated that Presidents Erdogan and Putin would be meeting at next month’s G20 meeting in Hangzhou, when the two men would discuss “the removal of economic barriers and other steps to restore relations.”
According to reports in the Iranian Farsnews media agency last week, the speed with which the coup was thwarted in part due to intelligence supplied to Ankara by Russian listening stations in northern Syria and which may have forced the plotters to move sooner than planned. 

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Bosphorus Strait reopens as Turkey rushes to reassure investors

Turkish coupTurkish maritime authorities have reopened Istanbul’s Bosphorus Strait to transiting tankers after shutting it for several hours yesterday after the failed coup by sections of the country’s armed forces, as the government in Ankara moved to reassure investors that the economy would not be derailed by a failed coup d’état.
Turkey's Deputy Prime Minister Mehmet SimsekThe central bank said that (more…)

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Turkey looks to boost trade with Russia to $100bn after Erdogan apologises

Turkish President Recip ErdoganErdogan apologises: Turkey hopes to increase annual trade with Russia to $100bn, its Foreign Minister Mevlut Cavusoglu said yesterday, highlighting Ankara’s hopes that (more…)

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Gazprom ready to reopen Turkish Stream talks after Erdogan apology

Russian fighter jet shot down on Syrian border 23-11-15Turkish Stream talks: Russia’s top gas producer Gazprom is ready to revisit the idea of building the a pipeline along the bed of the Black Sea – the so-called Turkish Stream project – it announced yesterday, hours after Turkey’s President Recep Tayyip Erdogan (more…)

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Turkish company wins $4.2bn contract to build string of Iranian power plants

Iranian power plant at Shazand Iranian power plants: Turkiah energy company Unit International has reached a $4.2bn deal with Iran’s energy ministry to build seven natural gas power plants across the country with a combined installed capacity of 6,020 megawatts, it announced in a press release issued yesterday.
Work is scheduled (more…)

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Paypal to quit Turkey after licence application is rejected

Paypal TurkeyTurkey’s determination to localise its fintech infrastructure has prompted  Paypal to announce that it is halting operations in the country. In a statement released this week, the international payment system said that the decision by Turkey’s Banking Regulation and Supervision Agency (BDDK) to reject its licence application (more…)

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Iran and Azerbaijan agree new Caucasus transit route around Turkey

North_South_Transport_Corridor_(NSTC) (1)Caucasus transit route: The authorities in Tehran and Baku are working on the creation of a new transit route that will run from Iran to the EU through Azerbaijan, Georgia and Russia and bypass Turkey Iran Railways Hasan Ashuri said yesterday.
“An agreement (more…)

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Turkey’s business community gives new PM Yildirim a cautious welcome

Turkey's PM Binali YildirimDelegates from Turkey’s ruling Justice and Development Party (AK Party) delegates will tomorrow gather in Ankara on Sunday to rubber stamp the appointment of Transport Minister Binali Yildirim as the country’s new Prime Minister and party chairman after the resignation of Ahmet Davutoglu.
While critics (more…)

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Tsipras launches construction work on 870km TAP Trans Adriatic Pipeline

Tspiras at TAP ceremony 18 05 16Greek Prime Minister Alexis Tsipras yesterday joined other senior officials at a ground-breaking ceremony to mark the start of work on the 870km Trans Adriatic Pipeline (TAP), the westernmost (more…)

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