🌍From US natural gas to Southeast Asian oil and and uranium in Sub-Saharan Africa, Turkey is on a global hunt for energy and commodities, leveraging its growing foreign policy clout for an edge in the competition for resources
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OIL: Turkey says it will terminate the Iraq oil pipeline agreement governing crude exports via Ceyhan in July 2026
Ankara is unhappy with the pipeline's under-utilisation, according to a senior official
☢️NUCLEAR: Russia’s state-owned nuclear power company Rosatom is in talks to sell a 49% stake in its $25 billion Akkuyu plant in Turkey
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In Turkey, it's an expensive headache for the specialist ships involved in Black Sea gas production, a precision engineering project in which every centimeter maters.
To counter jamming, it's had to buy military-grade anti-jamming gear, but it's expensive and isn't immune
The number of false signals due to so-called jamming has exploded in regions of tension like the Black Sea, Baltic Sea and Persian Gulf
BIG TAKE: Merchant shipping, the backbone of world trade, is caught in the crossfire of worsening electronic warfare
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Saudi Arabia's ACWA will take the first step in its $5 billion plan to invest in renewables in Turkey within days.
ACWA and Turkey are finalising a contract for an initial 2GW of solar, with further talks to follow on up to 3GW of other projects including wind www.bloomberg.com/news/article...
Turkey’s Gama Enerji received a non-binding bid of $225-$250 million from Socar’s local unit for the 870MW Ic Anadolu facility, people with knowledge of the matter said
Exclusive: Azerbaijan’s Socar is in advanced talks to buy a gas-fired power plant in Turkey, a move that would see the state-owned producer and exporter of the fuel move downstream into the country’s electricity market
Turkey is in talks with a foreign company to explore for oil & gas in offshore Bulgaria, Energy Minister says.
Also eyeing upstream opportunities in Libya, Azerbaijan and Iraq
NICKEL: Turkish billionaire Robert Yuksel Yildirim is seeking to acquire nickel mines worth $2 billion, betting on a price rebound and Western demand to reduce reliance on China.
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Our story from last month:
Turkey — one of the world’s biggest egg shippers — introduced a tax on exports to help control domestic prices, as bird flu outbreaks squeeze supply on the global market.
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🥚Turkish eggs are increasingly off the table for foreign consumers.
The government tripled a tax on egg exports overnight. The levy was introduced in Feb. due to Ramadan, but now looks set to stay
Exclusive: Turkey's Botas seeks to charter/buy up to 2 LNG carriers, marking its entry into international shipping as it becomes an increasingly global trader
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Turkey is diversifying its oil supplies after its top refiner moved to limit purchases of Russian crude www.bloomberg.com/news/article...
Turkey Energy Minister interview highlights:
• Turkey may start supplying natural gas to Syria as soon as summer
• In talks for more US LNG and planning broader US energy cooperation
• Ankara, Azerbaijan working to increase Bulgaria-Turkey gas interconnection capacity
Owners of oil tankers calling at Russian ports are sending divers and underwater drones to check their ships’ hulls for mines — a precaution following a wave of unexplained explosions on ships
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Tupras says on earnings call that it's stopped buying Russia's flagship Urals crude oil, and will receive the final cargoes in Feb.
Exclusive: German utility Steag is looking to sell its biggest coal-fired power plant – Sugozu in Turkey – as it phases out burning the dirtiest fossil fuel, according to people with knowledge of the matter
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Exclusive: Turkey’s top refiner, Tupras, is restricting its purchases of Russian oil and fuels to avoid falling foul of US sanctions, the latest customer to show wariness in dealing with Moscow
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It's also investing in sea drones, or unmanned surface vehicles, which are set to shake up combat at sea just as they have in the air.
Janes expects the global market USV market to be worth ~$7.8b by 2032
(Video from Turkish Navy)
Turkey's spending more on defense than ever before, but it's also exporting its homegrown products around the world, with naval systems on order everywhere from Pakistan to Portugal
That brings in welcome cash, but also independence from foreign suppliers
It's a timely bet amid heightened maritime tensions, from the Houthis in Yemen, to Russia-Ukraine in the Black Sea and underwater sabotage in the Baltic
It's all part of the "Blue Homeland" doctrine under which Ankara seeks to assert greater control of the waters around it – and the energy resources they might contain
This month it launched 2 new frigates, and construction is underway on the first Turkish-build submarines, destroyers and aircraft carrier
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Turkey's navy is on an expansion drive, in a push to project power abroad and build up the domestic defense industry www.bloomberg.com/news/article...
