Category: Production

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Turkey, Sudan set $2B trade target

Turkey and Sudan on Friday set a target of $2 billion trade in the next five years, said Turkey’s vice president.

“Our trade with Sudan reached $480 million in 2020,” Fuat Oktay said during a Turkey-Sudan round-table meeting in the capital Ankara.

Mining is an important area in Turkey’s commercial cooperation with Sudan, he added.

“I believe that with the sincere support of the Sudanese side, the problems in the mining fields allocated to Turkish companies will be resolved. Our cooperation established on a win-win basis in the mining sector will continue efficiently,” he added.

Oktay said Turkish investment in Sudan reached $314 million, adding a total of 90 projects, including 20 in the past two years, were undertaken by Turkish contracting companies in Sudan. The opening of a Ziraat Participation Bank branch in the capital Khartoum is an example of the strengthening economic relations between the two countries, he maintained.

In Sudan, 100,000 hectares of agricultural land has been allocated to Turkey for processing in the first place, he underlined.

“It was agreed to increase this area in the future,” he noted, adding agricultural cooperation under the General Directorate of Agricultural Enterprises (TIGEM) will provide an important investment opportunity for Turkish businesspeople in Sudan.

“In addition, we wish to continue our cooperation in other new projects, especially the Khartoum International Airport project, in the future,” he said.

Later in the day, Oktay and Abdel Fattah al-Burhan, the chairman of Sudan’s Sovereign Council, visited the Presidency of Defense Industries in Ankara.

Ismail Demir, the head of Presidency of Defense Industries, briefed Oktay and al-Burhan about the Turkish defense industry.

On Thursday, President Recep Tayyip Erdogan met the Sudanese official in Ankara.

On the sidelines of the meeting, several agreements and memorandums of understanding were signed, mainly in the fields of energy, defense, finance, and media.

Source: Anadolu Agency

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Turkey’s Borsa Istanbul up at Friday’s close

Turkey’s benchmark stock index closed at 1,447.64 points on Friday, up 0.22% from the previous close.

Starting the day at 1,444.82 points, Borsa Istanbul’s BIST 100 index gained 3.18 points from Thursday’s close of 1,444.46 points.

The index’s lowest value during the day was 1,440.09 points, while its daily high was 1,449.25 points.

The total market value of the BIST 100 was almost 1.09 trillion Turkish liras ($127.1 billion) by market close, with a daily trading volume of 11.9 billion Turkish liras ($1.39 billion).

A total of 39 stocks on the index rose, 52 fell, and nine remained unchanged compared to Thursday’s close.

The highest trading volumes were posted by private lender Garanti BBVA, iron and steel producer Kardemir, and glassmaker Sise Cam.

Aksa was the best performer of the day with its shares up 8.3%. Stocks of Ege Gubre did the worst by slipping 3.54%.

One ounce of gold traded for $1.762,90 by market close, up from $1.750,45 at the previous close, according to data from Borsa Istanbul’s Precious Metals and Diamond Markets.

The price of Brent crude oil was around $70.96 per barrel as of 6:25 p.m. local time (1525GMT).

Exchange Rates Thursday Friday

USD/TRY 8.5660 8.5400

EUR/TRY 10.0490 10.0600

GBP/TRY 11.8820 11.8530

Source: Anadolu Agency

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European stocks close higher with records, post weekly gains

Major indices in European stock exchanges closed Friday higher with five of them hitting new records during the session, as they posted weekly gains between 1.1% and 2.5%, according to data compiled by Anadolu Agency.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, saw a new record high of 476.16 before closing at 475.83 points with a 0.21% daily gain. The index rose 1.24% for the week.

London’s FTSE 100 saw a new all-time high of 7,224.46 earlier in the session, before ending the day at 7,218 points for a 0.35% rise. It jumped 1.34% this week.

Germany’s DAX 30 was up 0.25% to 15,977 after seeing a fresh all-time high of 16,030.33 earlier during the session, as it posted a weekly increase of 1.37%.

The French CAC 40 renewed its record with 6,913.67. It was at 6,896 points at final bell for a daily gain of 0.2%, while it rose 1.16% this week.

Italy’s FTSE MIB was up 0.36% at 26,652 points after posting a new all-time high of 26,687.97. Among European indices, it had the best weekly gain of 2.5%.

Spain’s IBEX 35 was the only major index that did not reach a record high during trading hours on Friday, but it was up 0.23% at 8,999.80 at the close. The index increased 1.36% this week.

US indices were still strong after a record opening on Friday, except Nasdaq.

The Dow Jones was trading at 35,535 at 12.45 p.m. EDT (1645GMT) with a 0.1% daily gain after hitting a record high of 35,610.57 points with the opening bell on the New York Stock Exchange.

The S&P 500 climbed to a new all-time high of 4,468.37 at the opening as well, but it was at 4,463 for less than a 0.1% increase.

The Nasdaq, on the other hand, was down 5 points, to 14,811 at the time.

Source: Anadolu Agency

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Spot market electricity prices for Sunday, Aug 1

The highest electricity price rate for one megawatt-hour in Turkey’s day-ahead spot market for Sunday will be 636 Turkish liras at 00.00, 01.00, 03.00, and 17.00 to 23.00 local times (2100, 2200, 0000, and 1400 to 2000 GMT) while the lowest will be 364.80 liras at 07.00 local time (0400 GMT), according to official figures on Saturday.

Turkey’s Energy Exchange Istanbul (EXIST) data for the trade volume on Saturday’s electricity market showed a decrease of 10.6% to 292.7 million liras compared to Friday.

The arithmetical and weighted average price of electricity on the day-ahead spot market is calculated as 552.88 liras and 551.68 liras, respectively.

The highest electricity price for one megawatt-hour on the day-ahead spot market for Saturday is 617 Turkish liras at 00.00, 01.00, and 09.00 to 23.00 local times (2100, 2200, and 0600 to 2000 GMT) while the lowest will be 377.54 liras at 07.00 local time (0400 GMT).

US$1 equals 8.45 Turkish liras at 1110 GMT on Saturday.

Source: Anadolu Agency

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Spot market natural gas prices for Friday, July 30

The trade volume of Turkey’s spot natural gas market decreased by 17.3% to 6.34 million Turkish liras on Friday, Turkey’s Energy Exchange Istanbul (EXIST) data showed on Saturday.

Total trade on Thursday amounted to 7.67 million liras.

On Friday’s spot market, 1,000 cubic meters of natural gas costs 2,071 liras, while the cumulative natural gas trade volume amounted to around 3.06 million cubic meters.

Turkey received 139.27 million cubic meters of pipeline gas on Friday.

US$1 equals 8.45 Turkish liras at 1100 GMT on Saturday.

Source: Anadolu Agency

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Spot market natural gas prices for Thursday, July 22

The trade volume of Turkey’s spot natural gas market increased by 49.8% to 6.60 million Turkish liras on Thursday, Turkey’s Energy Exchange Istanbul (EXIST) data showed on Friday.

Total trade on Wednesday amounted to 4.41 million liras.

On Thursday’s spot market, 1,000 cubic meters of natural gas costs 2,088 liras, while the cumulative natural gas trade volume amounted to around 3.16 million cubic meters.

Turkey received 99.5 million cubic meters of pipeline gas on Thursday.

US$1 equals 8.55 Turkish liras at 1105 GMT on Friday.

Source: Anadolu Agency

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Oil prices post 1% gain for week ending July 16

Oil prices recovered its losses for the week ending July 23 after major oil producers of OPEC+ finally agreed on their production policy.

International benchmark Brent crude traded at $73.55 at 1245 GMT on Friday, posting about 1% gain from Monday when trade at 0637 GMT registered at $72.86 per barrel.

American benchmark West Texas Intermediate (WTI) traded at $71.69 at the same time on Friday, increasing around 1.3% relative to $70.78 a barrel on Monday.

The prices fluctuated during the week following the OPEC and its allies, known as OPEC+, held the 19th Ministerial Meeting on Sunday after United Arab Emirates (UAE) refused new production rises based on “outdated output baselines.”

The talks stalled for two weeks and finally the group announced its resolution which includes updates to not only production baseline of UAE but also of Saudi Arabia, Russia, Iraq and Kuwait.

In line with the new agreement, the UAE’s baseline will be increased from 3.168 million to 3.5 million, Iraq’s from 4.653 to 4.803 million, and Saudi Arabia and Russia’s from 11 million to 11.5 million.

The group also agreed to increase the output by 400,000 barrels per day (bpd) from August to December and extended its production cut agreement from April 2022 to December 2022.

The fears on the spread of Delta variant of COVID-19 continued to negatively impact the oil prices during the week as Delta has spread across 100 countries so far, causing concerns that new restrictions could be implemented which would hamper oil demand growth.

The prices had dropped down to $68 level earlier in the week.

Source: Anadolu Agency

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Turkey’s daily power consumption up 2.6% on July 22

Turkey’s daily electricity consumption increased by 2.6% on Thursday compared to the previous day, totaling 795,990 megawatt-hours, according to official figures of the Turkish Electricity Transmission Corporation (TEIAS) on Friday.

Hourly power consumption peaked at 36,730 megawatt-hours at 22.00 local time on Thursday, data from TEIAS showed. The country’s electricity usage was at its lowest at 27,907 megawatt-hours at 06.00 local time.

Electricity production amounted to 807,277 megawatt-hours on Thursday, marking a 2.5% increase from Wednesday.

Turkey’s electricity production from natural gas plants constituted 24.7% of total electricity consumption, wind plants held a 19.5% while lignite plants comprised 14.6%.

On Thursday, Turkey’s electricity exports amounted to 14,902 megawatt-hours, while imports totaled 3,627 megawatt-hours.

Source: Anadolu Agency

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Muslim holiday to be observed in Turkey in ‘relatively better conditions’: President

Turkey has significantly contained the spread of COVID-19 and the country will observe this year’s Muslim holiday of Eid al-Adha, or the Feast of Sacrifice, in relatively better conditions, the Turkish president said on Monday.

In a video message marking the Muslim holiday, Recep Tayyip Erdogan said there is no problem in the COVID-19 vaccine supply and invited all people over 18 years of age to benefit from the vaccination campaign.

Erdogan said the vaccination rate in the country is at a “good level” compared to the world average.

He urged the people to protect themselves against the “insidious threat” by keeping their precautions and by getting vaccinated.

The drop in the number of cases, patients and deaths through vaccination plays an important role in the morale of the nation, the president said.?

“We regret that we are still unable to fulfill the obligation of Hajj [one of the five pillars of Islam], which is an inseparable part of the Eid al-Adha. We hope to reach the days when the Hajj, which will be held with limited participation, will be performed again with the participation of millions, with love, enthusiasm and conversation,” he said.

Erdogan said the biggest defense against the pandemic is vaccination with measures such as hygiene, mask, and social distance.

Turkey has administered nearly 63.5 million doses of COVID-19 vaccines since it launched a mass vaccination campaign in January.

According to Health Ministry data, over 38.97 million people have gotten their first dose, while over 20.88 million have received their second dose.

To date, over 62.74% of the adult population has received at least one vaccine dose.

Source: Anadolu Agency