Category: Business

Harnessing Turkey’s Strong Winds, GE- and GAMA-Owned Wind Farm Now Powering the Country, a First for Their Joint Venture

NEW YORK & EZINE, Turkey, Jun 21, 2011 (BUSINESS WIRE) — Turkey’s newest wind farm — the first owned by a joint venture of GAMA Holding A.S. and GE unit GE Energy Financial Services — is now selling clean electricity and helping the country meet its renewable energy generation targets, the companies announced today at an American Council on Renewable Energy conference in New York.

Editor's Note: Shown here are the GE 2.5-megawatt turbines at the Sares wind farm in Turkey. The wind farm — owned by a joint venture between GAMA Holding A.S. and GE Energy Financial Services — has begun selling its power to the electric grid.

The 22.5-megawatt Sares wind farm, located in one of Turkey’s most extreme wind regions near the city of Canakkale in the Ezine Region near the northwest coast, uses nine GE 2.5-megawatt turbines, some of the most advanced in GE’s fleet in efficiency, reliability and grid connection capabilities. Turkey’s Ministry of Energy and Natural Resources approved commercial operation of the Sares wind farm, the first in Turkey owned by Ankara-based GAMA Enerji A.S., the joint venture of GEEFS and GAMA Holding.

“As a global investor, we are delighted to expand our renewable energy investing to Turkey, particularly using GE’s state-of-the-art turbines, to help the country meet its energy and environmental needs with a sustainable, efficient energy source like wind,” Kevin Walsh, a managing director and leader of Power and Renewable Energy at GE Energy Financial Services, said at the American Council on Renewable Energy’s Renewable Energy Finance Forum-Wall Street.

Added Stephan Ritter, general manager of GE Renewables Europe: “The Turkish market’s potential for the wind business is very big. To realize that potential, we are committed to working with wind developers such as GAMA Enerji. As our most advanced installed wind turbine in efficiency, reliability and grid connection capabilities, the 2.5-megawatt series is an excellent match for a region with such extreme wind conditions.”

The GE-GAMA joint venture is also developing the 10-megawatt Karadag wind farm, 350 kilometers south of Sares. Project construction, also using GE’s 2.5-megawatt turbines, is expected to start in the third quarter of this year, with completion expected in the second quarter of next year. While GAMA Enerji has invested in the Sares and Karadag projects, GE Energy will maintain them under a services agreement, and GAMA Enerji will operate them.

GAMA Enerji Managing Director Semih Ergur said: “These wind farms not only support a cleaner environment but create jobs, support our company’s growth and help Turkey achieve its renewable energy goals.”

GAMA Enerji estimates that the two wind farms will generate enough electricity to power 59,000 average Turkish homes and avoid 80,000 tons a year in greenhouse gas emissions. Turkey’s Ministry of Energy and Natural Resources aims to generate 20 percent of the country’s electricity from renewable resources by 2020.

GE’s 2.5-megawatt wind turbines are used at two of the world’s largest wind projects: CEZ Romania’s 600-megawatt Fantanele wind farm, Europe’s largest onshore project; and the 845-megawatt Shepherds Flats wind project, the world’s largest wind farm, under construction in the US state of Oregon that is co-owned by GE Energy Financial Services, Caithness Energy, Google and subsidiaries of ITOCHU Corporation and Sumitomo Corporation. This machine is designed to yield the highest annual energy production in its class and builds on the success of GE’s 1.5-megawatt wind turbine, the world’s most widely deployed wind turbine, with more than 16,000 now installed.

About GAMA

GAMA was established in Turkey in 1959 and has become a leading international general contractor with operations in 20 countries extending from Ireland in the west to Russia’s Sakhalin Island in the east. GAMA Group Companies presently have contracts in 12 countries valued about USD $6.5 billion and a workforce of 14,000 employees. Besides serving as an EPC supplier of power plants and a general contractor of industrial facilities, GAMA’s core business includes energy investments, managed by its joint venture company GAMA Enerji A.S. For further information, please visit www.GAMA.com.tr

About GAMA Enerji A.S.

The experience of GAMA in the energy and water sectors resulted in the establishment of GAMA Enerji. GAMA has taken part in the construction and development of 14,500 megawatts of power generation capacity worldwide (which corresponds to approximately 30% of the installed generation capacity in Turkey). GAMA owns equity in projects with a total installed capacity of 1607 MW. GAMA was an active participant in Turkey’s first major Build Operate Transfer projects as contractor and investor. GAMA Enerji has invested in water treatment and conveyance projects with a capacity of 140 MCM/year and intends to continue these investments with another substantial water project in Jordan. It has invested in power plants, including in Ireland. GAMA Enerji develops renewable hydroelectric and wind energy projects as well as larger thermal power plants. For more information, visit www.GAMA.com.tr/energy/

About GE

GE is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide. GE has been active in Turkey for more than 60 years, growing through strong partnerships and technology investments in infrastructure segments such as Aviation, Energy and Transportation. For more information, visit the company’s website at www.ge.com .

GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With more than 90,000 global employees and 2010 revenues of $38 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy – GE Power & Water, GE Energy Services and GE Oil & Gas – work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived, and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services offers the best of GE’s technical know-how, technology innovation, financial strength, and rigorous risk management. Based in Stamford, Connecticut, USA, the GE business unit helps its customers and GE grow through new investments, strong partnerships, and optimization of its US $21 billion in assets. For more information, visit .

Editor’s Note: Shown here are the GE 2.5-megawatt turbines at the Sares wind farm in Turkey. The wind farm — owned by a joint venture between GAMA Holding A.S. and GE Energy Financial Services — has begun selling its power to the electric grid.

SOURCE: GE

June 22, 2011
Gerry Weber Plans Clothing Stores in Turkey With Local Partner

Gerry Weber International AG (GWI1), Germany’s second-largest women’s clothing maker, said it plans to open stores in Istanbul by 2012 as the first step in setting up a chain of outlets across Turkey.

Gerry Weber aims to start two shops with a local partner as early as the end of this year, Gulay Taskiran, head of the retailer’s Turkish unit, said today in a telephone interview.

“We are in talks with four to five leading Turkish retail groups,” she said, declining to identify any candidates. “We want to sign a franchise agreement with one of them this year that fits best in our style and quality.”

The German company, based in Halle in the state of North Rhine-Westphalia, had 431 stores worldwide under its own brand and 2,122 outlets through other retailers such as space at department stores as of April 30, according to the company’s fiscal second-quarter report. Gerry Weber may open as many as 15 stores in Turkey, Taskiran said.

The company also plans to expand purchases from Turkish textile manufacturers from about 80 million euros ($115 million) a year currently, Taskiran said. Suppliers in the country already account for 90 percent of jersey fabric that Gerry Weber uses in making clothes, she said.

To contact the reporter on this story: Ercan Ersoy in Istanbul at [email protected].

To contact the editor responsible for this story: Benedikt Kammel at [email protected].

via Gerry Weber Plans Clothing Stores in Turkey With Local Partner – Bloomberg.

June 22, 2011
Unlike European countries, LPG is a popular type of fuel in Turkey

Unlike many European countries, LPG is a very popular type of fuel in Turkey. The Turkish LPG market ranks 14th in the world (1.5% of worldwide consumption in 2009) and 2nd in Europe, trailing only Russia. In 2010, LPG consumption stood at an estimated 3.68mn tons, representing 17.8% of total fuels consumed in Turkey. 85% of the LPG that reaches the Turkish consumer is imported, coming mostly from Algeria, Kazakhstan, Russia, Norway and Nigeria. The segmental split of LPG consumption in 2010 was 68% auto-LPG, 29% cylinder LPG and 3% bulk. Aygaz maintained its market leadership position in 2010, with 1.04mn tons of LPG sold and an overall market share of 29%. Aygaz services the Turkish market with the Aygaz and Mogaz (100% subsidiary) brands.

Auto-LPG had a 13.6% share of the total 18.4mn tons in automotive fuels sold in 2010, marking a record level. Below we illustrate the development of the composition of automotive fuels in Turkey.

In the period from 2000 to 2010, the popularity of auto-LPG has grown substantially, recording a CAGR of 6.9%. This was mainly driven by the cost advantage of LPG over the other fuel types, especially gasoline. While gasoline demand was more than 118% higher than that of auto-LPG in the 2000, consumption of both fuel types was nearly equal in 2009. In 2010, auto-LPG demand clearly surpassed that of gasoline. The cost advantage of auto-LPG over gasoline stems from the difference in the tax treatment of the two products, while LPG as a commodity is in fact more expensive. While the annual average taxes (special consumption tax plus VAT) applied to gasoline was TRY 2.47/ liter in 2010, it was TRY 1.8/liter for low-sulfur diesel, TRY 1.71/liter for rural diesel and TRY 1.06/liter for auto-LPG.

The Turkish auto-LPG market is dominated by the large fuel retailers. With 578,000 tons sold and a market share of 23% in 2010 (4.7% is attributable to Mogaz), Aygaz is the market leader, followed by Petrol Ofisi, Shell and BP. At the end of 2010, Aygaz had a total of 1,226 auto-LPG dealers across Turkey.

The growth in auto-LPG over the past 10 years, however, was not enough to compensate for the deterioration in the demand for other LPG segments, namely cylinder and bulk LPG. As can be seen in the graph below, auto-LPG sales have grown strongly since 2001, while both cylinder and bulk LPG have seen a sharp decline in consumption. This has led to a slight drop in overall Turkish LPG consumption, from 3.8mn tons in 2000 to 3.7mn tons in 2010. Going forward, we expect the trend from the past to continue, with the demand for bulk LPG reaching a floor and cylinder LPG consumption contracting further, albeit at a slower rate. We are optimistic on the future development of auto-LPG and project its demand to gradually increase. Overall, we reckon with a CAGR of 1.6% in the Turkish LPG consumption for 2010-15.

Consumption of cylinder LPG has fallen from 2.13mn tons in 2000 to 1.1mn tons in 2010, recording a negative CAGR of -6.7%. The reason for the contraction is that LPG cylinders as an energy source have increasingly been substituted for by natural gas, as it is cheaper, the taxes are lower, the natural gas infrastructure has been expanded in Turkey and the average income has risen, making initial conversion costs more easily affordable. In 2010, Aygaz (incl. Mogaz) had a market share of 39% with 409,000tons of cylinder LPG sold.

In March 2011, Aygaz announced that it purchased the usage rights of cylinder gas dealership agreements and associated licenses from Totalgaz for TRY 36mn. The deal is dependent on the approval of the Competition Board. Adding Totalgaz’s market share of 4.5% to that of Aygaz results in a dominating 42%-43% share (adjusted for overlaps) of the cylinder LPG market for the latter.

The enormous increase in natural gas sales by BOTAS, the Turkish state owned natural gas pipeline operator, since the late 1980s shows the commodity’s growing popularity in Turkey. As described above, cylinder LPG and bulk LPG sales have contracted by a negative CAGR of -6.7% and -20.0%, respectively, from 2000 to 2010, while BOTAS’ natural gas sales recorded CAGR of 8.0% over the same period. As natural gas is a substitute for LPG, its growth was the main reason for the deterioration of cylinder and bulk LPG sales figures. The graph below shows the growing popularity of natural gas in Turkey (BOTAS only).

For the future, we believe that the trends of the recent past will remain in place. Our estimates are based on a steady escalation of natural gas sales, despite the crisis-related drop in 2009 and 2010, at the cost of cylinder and bulk LPG consumption. Thus, both of these LPG segments will be of little attractiveness for Aygaz and other distributors looking for sales growth. However, the opposite is true for auto-LPG, which we forecast to retain its popularity, due to its cost advantage compared to other fuel types, and therefore expect to remain on its growth path.

Source : bne

via Balkans.com Business News : Unlike European countries, LPG is a popular type of fuel in Turkey.

June 22, 2011
Iranians Play Major Role In Turkey’s Thriving Economy

TEHRAN, June 20 (Bernama) — A recent report published by Turkey underlined that Iranian investors and corporations have contributed a major role in Turkey’s flourishing economy in recent months, Iran’s Fars News Agency (FNA) said.

The report said a total of 1,401 companies were established in Turkey with the help of foreign investors, 259 of which have been established by Iranian investors.

German investors participated in setting up 159 companies in Turkey, while Azeri investors helped with the establishment of 86 companies and Russians cooperated in setting up 52 Turkey-based corporations.

Foreign investors participated in the establishment of a total of 88.27 percent of the capital invested in the newly-established companies in Turkey.

Iran and Turkey have in recent years increased their cooperation in all the various fields of economy, security, trade, education, energy and culture.

The two sides have exchanged several politico-economic delegations during the last few months.

Iranian Economy Minister Seyed Shamseddin Hosseini announced in April that Turkey had replaced Britain as Tehran’s fourth trade partner.

“We are very pleased that Turkey has replaced Britain as Iran’s fourth economic partner,” Hosseini said in a meeting with Turkish State Minister Hayati Yazichi at the time.

— BERNAMA

via BERNAMA – Report: Iranians Play Major Role In Turkey’s Thriving Economy.

June 21, 2011
Sir Brian Souter in buy-out of Turkish ferry operator

Stagecoach transport mogul Sir Brian Souter has led a buy-out of Istanbul’s main ferry operator for £528m.

The sale by the Turkish city’s government includes 52 vessels that transport more than 50 million people each year, across the Bosphorus and around the Sea of Marmaris.

The sale includes 52 vessels which sail across the Bosphorus and around the Sea of Marmaris

The chief executive of Stagecoach transport group used his investment company to lead the buyout.

His investor group has a 30% stake in Istanbul Deniz Otobuslen (IDO) ferries.

Souter Investments is partnered by Ann Gloag, Sir Brian’s sister and co-founder of Perth-based Stagecoach, Edinburgh financier Sir Angus Grossart and three Turkish-based companies, including the operator of the country’s largest airport.

The sale, denominated in US dollars at $861m, includes 25 sea buses, 19 fast ferries and 17 conventional ferries.

There are nine inter-city and five inner-city lines serving 35 piers, with sales last year of £142m.

‘New heights’

Newly-knighted Sir Brian said: “I am confident we will take IDO to new heights of success by improving everything from fast ferry frequency to catering.

“Our goal is to ensure motorists opt for seabus and ferry transportation, rather than making long and frustrating road journeys in and around the congested Istanbul road network.”

Souter Investments also owns two urban bus companies and a ferry operator in New Zealand.

Last week, the investment firm launched a new express coach service between Berlin, Bratislava, Prague and Vienna.

Souter Investments extend to stakes in yacht-builder Sunseeker International, insurance company esure and the price comparison website gocompare.com.

Other competitors for the IDO ferry operator included international ferry operator Stena and Turkey’s largest conglomerate, Koc Holding.

via BBC News – Sir Brian Souter in buy-out of Turkish ferry operator.

June 19, 2011
REW Istanbul 2011 closed with 50 percent growth

Istanbul, Turkey — The International Recycling, Environmental Technologies and Waste Management Trade Fair – the REW Istanbul 2011 – has been held for 7th time this year. 307 companies from 23 countries such as Italy, Spain, China and Taiwan participated. As the most important international event in its own industry and in its region, REW Istanbul gathered solid waste, waste water, waste gas and green energy under the same roof. With 10.472 professional visitors from 34 countries the REW Istanbul not only reached its targets: The Istanbul Fair Organization finished the fair with a growth of more than 50 percent.

Interested visitors at the fair Foto: Istanbul Fair Organization

Germany was one of the top countries that showed the biggest interest in the fair both in terms of exhibitors and visitors. In recycling and waste management industries at which they are good at, the German consider REW Istanbul as the first step to expand to other countries in this geography through new partnerships and by investment in Turkey. As well as their individual participation, the German attendees also showed collective participation in the fair with Hessen and Bavaria States.

Growing by 50 percent on average compared to last year, REW Istanbul continued its consistent development in 2011 both in terms of square-meter and number of visitors. The most important fair organization of not only Turkey, but also the Balkans, Middle East and Middle Asia on the international level in environmental technologies. REW Istanbul successfully kept its ‘international’ title with a participation rate of international visitors more than 30 percent. This year REW Istanbul that drew professional visitors from 34 countries saw the intense interest of local and foreign investors due to its 60 billion Euro market volume Turkey has in environmental technologies.

The panels and conferences that took place within the scope of REW Istanbul 2011 drew a lot of attention. There was high participation during the ‘New Practices in Waste Management’ session organized by Turkish Republic Ministry of Forestry and Environment and TUCEV. Environmental Protection and Control Managers, Cleaning Operations Managers and Personnel of local administrations met at the panel organized by Marmara Union of Municipalities (MBB). Organized by the Turkish branch of REC (Regional Environment Center) – one of the globally most respected environmental organizations-, ‘Project On Capacity Development in Environment Waste Incineration Training’ panel had an interested audience. Furthermore, there were conferences about ‘Project on Carbon Management of Premises’, ‘Waste Management’ and ‘Sustainable Resource Management’ issues which set the agenda in the industry.

With the matchmaking event organized by Sabanci University and EEN (Enterprise Europe Network) local investors met European company representatives and discussed partnership prospects. Throughout the organization many one-to-one interviews took place and the first steps to further partnerships were taken.

Quelle: Istanbul Fair Organization (IFO)

via RECYCLINGPORTAL – REW Istanbul 2011 closed with 50 percent growth.

June 19, 2011