The Turkish Petroleum Corporation (TPAO) has come to an agreement with the oil company Chevron, the United States third largest corporation, topartner on two deep-sea drills in the Black Sea, where the companies will search for oil reserves, if the agreement is approved by Cabinet, Energy and Natural Resources Ministry officials told Today's Zaman. Officials, who wished to remain anonymous, said that Chevron and the TPAO will be 50-50 partners in the two deep-sea drills, one of which has already begun in the "Yassıhöyük 1" area off the northern province of Zonguldak. If, as expected, efforts do prove fruitful and oil is found in the Black Sea, the two companies will have equal rights over all explored potential. If oil is not discovered, then Chevron will absorb the operational costs. One deep-sea drill costs around $250 million. If the agreement gets the green light by Cabinet, Chevron will pay a further $50 billion for an exploration license held by the TPAO, for the "Yassıhöyük 1" area.
An earlier drill off the northern province of Sinop's coast resulted in disappointment after the TPAO and its partners, Brazilian Petrobras and American Exxon Mobil, failed to find oil there. The TPAO believes that the Black Sea has some 10 billion barrels of oil and 3 billion cubic meters of natural gas reserves. Following the failed efforts off Sinop's coast, the TPAO initiated works in the "Yassıhöyük 1" area, where it has presently drilled to a depth of 500 meters. It is expected to drill to a depth of 4,000 to 4,500 meters.
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The International Basketball Federation's (FIBA) 2010 FIBA World Championship Turkey, set to take place Aug. 28-Sept. 12, is expected to generate $300 million in revenue for the country's economy, the event's main sponsor, mobile phone operator Turkcell, has said. In a statement issued on Monday Turkcell elaborated on Turkey's short-term economic benefits from the world's greatest basketball event. According to Turkcell's calculations, the amount of money participating teams and their fans will spend on accommodation, transportation and tournament tickets as well as other parties on events, sponsorships, advertisements and investments in facilities will amount to $300 million.
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British Prime Minister Cameron traveled to Turkey today to press for Turkey to join the European Union. Turkey has been a candidate for the EU since 1999. With a population of approximately 75 million and an estimated 2009 GDP of about $863 billion, Turkey would be large and potentially important addition to the EU. Sixty-five percent of GDP is from the service sector, with about 25% in industry and another 9% in agriculture. 2009 public debt as a percentage of GDP was approximately 46% versus Greece at about 113%.
At the end of 2009, the market capitalization of the companies listed on the Istanbul Stock Exchange was $234 billion, up from about $162 billion in 2006 and $69.6 billion in 2000.
In January 2010 Moody's upgraded Turkey's credit rating to Ba2 from Ba3 and changed their outlook from stable to postive.
In February 2010 S&P upgraded Turkey's credit ratings, raising long-term foreign currency and local currency sovereign credit ratings to BB and BB+, citing improving economic policy flexibility and faith in Turkey's banking system.
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Sometimes Turkey really is a bridge between west and east
IN JUNE 2006, days after a young Israeli private was captured by Hamas, Israel's ambassador to Turkey paid a midnight visit to Recep Tayyip Erdogan, the prime minister. Gilad Shalit was feared to be gravely ill, perhaps even dead. Could Turkey help? Phone calls were made and favours called in. Mr Shalit turned out to be alive, and his captors promised the Turks they would treat him respectfully.
Turkey's relations with Israel, once an ally, have worsened of late, and hit a fresh low in May, when Israeli commandos raided a Turkish ship carrying humanitarian supplies to Gaza, killing nine Turkish citizens. Yet Turkey continues to lobby Hamas for Mr Shalit's release.
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 "Connecting Business Leaders "
The New York Palace Hotel, Holmes Room, New York
September 22, Wednesday, 2 pm - 6 pm
Program
Speakers & Panels
Networking & Business Meetings
Mission of the U.S. Business Forum: In a time where the idea of Euro-Atlantic integration in the Balkans has transitioned from a mere political aspiration to a means en route to be realized, and where the future of Trans-Atlantic relations relies heavily on relations with Turkey and Balkans, the FEBA Business Council sees this forum as a crucial mechanism to discuss issues affecting business, trade, and investment within the framework of a stable, fully integrated, and economically fruitful Balkan region. By bringing together business leaders, professionals, and foreign heads of states, along with their breakthrough ideas and experiences, in a day-long forum called "U.S. Business Forum 2010: Turkey & the Balkans", the FEBA Business Council hopes to widen the gateway of investment and trade between the regions in this exciting period of transition and growth.
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Texas Turkish American Chamber of Commerce and Raindrop Turkish Center hosted its first ever Firefighter Engagement Dinner. The event brought together firefighters-captains, chiefs, and EMTs alike-from all over the Houston area, in an effort to promote effective emergency aid while simultaneously respecting the ideas and values of the Turkish culture. This idea was further exemplified as the firefighters bowed their heads and closed their eyes as a Turkish imam sounded the call to prayer that signaled Iftar, or the end of the day's fast. As dinner ended Raindrop Turkish House president Mehmet Okumus gave the firefighters a presentation on the House and the mission to promote cultural understand on which it was founded. Acting Fire Chief Rick Flanagan also shared a few words and was then surprised with a Certificate of Appreciation which he accepted on behalf of the entire Houston Fire Department in honor of their work and dedication as fire fighters in the Houston community. The night ended as the firefighters rolled in their trucks, flashing lights and all and allowed members of the community a chance inside. |
Texas Turkish American Chamber of Commerce and Raindrop Turkish House hosted its third annual friendship and engagement dinner with Houston Police Department. The program started with the tour of the building. President of Raindrop Turkish House had a presentation about Raindrop Turkish House. John Chen, West Command Chief of Police shared his remarks with the officers and community. President Mehmet Okumus presented an Appreciation Certificate to Officer Bobby Conley from Fondren Patrol Division for his hard work and dedication to our community. Captain Spears from Fondren division shared his remarks with the community. The program was over with the group picture in our lobby. |
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"Making Europe Whole: Completing the Balkans' Euro-Atlantic Integration"
Waldorf Astoria Hotel, New York
September 22, Wednesday - 6 pm
Program
Reception, Palm Room - 6 pm - 7 pm
Dinner, Starlight Roof - 7 pm
Keynote Address by Abdullah Gül, President of Turkey
Remarks by Heads of Delegations
Concert by Balkan Chamber Orchestra
Mission of the Balkan Leaders' Summit: Through the Annual Balkan Leaders' Summit, the Federation of Balkan American Associations hopes to achieve its mission of sharing the Balkan's heritage of tolerance and understanding with the world leaders, Presidents, Prime Ministers, Foreign Affairs Ministers, as well as business and religious leaders, journalists, artists, scholars, and professionals covering a spectrum of fields. The purpose of this program is to help in creating common goals and ideals in the Balkans. When we take into consideration the ethnic, religious and linguistic differences in the region, we can say that what we need is to create common goals and ideals. Cooperation and good-neighborly relations will be the guarantee of a compromise in the Balkans.
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The United States Export-Import Bank, or Ex-Im's, is hoping to finance U.S. exports to facilitate Turkey's economic and technological growth, according to the chairman and president of the bank.
Ex-Im signed a memorandum of understanding with the Turkish government last week in Ankara, announcing that Turkey is one of their key markets for a credit financing drive to promote US exports.
"We're here in Turkey to show that we're open for business," Fred P. Hochberg told the Hürriyet Daily News & Economic Review following a meeting after the contract in Istanbul with Turkish lenders, business people and journalists.
Ex-Im is a U.S. government agency promoting the U.S. export market, giving sovereign guarantees on behalf of importers of U.S. goods to local banks absorbing the credit risks of the importer in case those importers are incapable or unwilling.
"Turkey is one of the countries we are focused toward, along with Nigeria, Indonesia, Mexico and several others," said HochBerg.
The chairman said the criteria for membership on this list of key markets required countries to have evidence of strong growth rates as a way to build their economy through infrastructure projects.
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Turkish foreign trade minister, who is currently holding talks in the United States, said on Thursday the Turkish government provided great incentives for domestic research and development.
State Minister for foreign trade Zafer Caglayan said that he met with executives of U.S. companies whose turnovers amount to 1.2 trillion U.S. dollars in Houston.
Caglayan said he attended a dinner in Houston participated by representatives from companies; Exxon, Conoco Philips, Westlake Chemical, JP Morgan, General Electric Oil and Gas, Port of Houston Authority, Schlumberger, Texas Medicam Center, Methodist International, AECOM, ForsterQuan, Greater Houston Patrnership, Euroil, BP, Houston Airport System, Shell, ORR Textile Co. Ltd., Mayor of Baton Rouge/Louisiana, Shaw Energy and Chemicals Group and Oklahoma Chamber of Commerce.
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