Turkey’s TP to invest $2.3 bln abroad

Turkey

ANKARA, November 23, 2015 – Turkish Petroleum (TP) has announced plans to invest $2.3 billion abroad in 2016.

General manager Besim Sisman told local daily Hurriyet that the state-run Turkish energy company is prioritising its investments in Iraq and the Shah Deniz project in Azerbaijan.

Sisman also noted that TP has taken out between $1.5 billion and $2 billion in loans to pay for its spending programme during the oil price slump. He said the company has cut its domestic investments by 50 percent in 2015, but is still posting profits thanks to its international operations.

The general manager described TP as following a path charted by other state-owned energy companies in making major investments abroad.

Sisman recently told TOGY that TP is pursuing new investment opportunities in Iraq, a market he described as having “huge potential” for Turkish companies in particular.

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