Botas

Turkey has transferred stakes in İzmir Port, which has been in privatization portfolio since 2007, to the Turkish Wealth Fund, in a bid to help finance giant infrastructure projects. 

The stake transfer was informed to respective authorities, according to sources. 

The wealth fund will have the authority to rent, transfer or sell the port. 

A new sovereign wealth fund formed by Turkish authorities will be audited and adhere to international standards, Finance Minister Naci Ağbal has said in response to criticisms that the new fund will be devoid of any oversight.

The fund will be audited in three stages, Ağbal said. 

The government has transferred the public stakes in a number of major public companies to a recently established sovereign wealth fund, stating that the aim was to secure credit at lower rates for big projects by using the shares in these valuable companies as collateral.

The government's decision to transfer stakes in the country's top public companies to a newly launched sovereign wealth fund has stirred strong criticism from opposition deputies and economists as the fund will beyond the remit of monitoring. 

Turkey has transferred stakes worth billions of dollars in Ziraat Bank, the Borsa Istanbul stock exchange, Turkish Airlines and state-owned pipeline operator BOTAŞ, among others, to a new sovereign wealth fund, in a bid to help finance giant infrastructure projects. 

Turkey's state pipeline operator Botaş will cut supply to gas-fired power plants by 50 percent as of Jan. 6, due to increased household demand in cold weather, energy industry sources said on Jan. 5, in a bid to free up more gas for households.

Turkey's daily natural gas consumption has risen to more than 200 million cubic meters due to increased household demand stemming from cold weather and is thus outstripping supply, energy industry sources said Dec. 22.

Turkey and Russia signed the strategic Turkish Stream gas pipeline agreement on Oct. 10.

The pipeline will carry Russian natural gas to Turkey and on to Europe under the Black Sea.

Turkey and Russia may sign a final agreement for the Turkish Stream project during Russian President Vladimir Putin's visit to Istanbul on Oct. 10, Russian Energy Minister Alexander Novak has signaled.

Gazprom has said it received through diplomatic channels a survey permit for two strings of the Turkish Stream gas pipeline project's offshore section in Turkish territorial waters, in a written statement on Sept. 29.