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TURKEY: Turcas-Ibedrola To Bid in Energy Sector  

Turkey’s Turcas Petrol and Spanish utility Iberdrola plan to bid in Turkey’s privatization of electricity distribution and production, Turcas Chairman Erdal Aksoy said.

Energy Minister Hilmi Güler said earlier in June that Turkey was trying to prepare the power privatization tenders this month. The aim is to liberalize the market through the sale of distribution grids and switch to a system of regional tariffs. Turkey is divided into 21 grids, 20 of which are due to be privatized. Turkish energy demand is expected to grow amid robust economic expansion. The gross national product in Turkey — which has attracted large foreign investment flows in recent years — grew almost 8 percent last year and the government has said it expects 6 percent for this year. Investors from Russia, Italy and Belgium have also expressed interest in the electricity sell-off.

Turkey has a wide-ranging privatization program, backed by its major creditor the International Monetary Fund (IMF).

Erdal also said a new retailing joint venture with oil giant Royal Dutch Shell Plc had a book value of YTL 528 million. “But according to us, its book value is above USD 2 bn,” he said, speaking at an extraordinary shareholders’ meeting.



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