Singing the same tune
Leading CEOs say investments will be crucial for Turkey’s economy to succeed
Key to Turkey’s economic success is attracting long-term investors and to return Turkey to the positive investment environment it experienced in 2010, Turcas CEO, Batu Aksoy, told Dunya’s Ece Ceyhun. “The private sector should be allowed to make a profit and accumulate capital in order to invest in new technologies and R&D,” Aksoy said. “Investment is important. We need investors to support the next stage of growth.”
Looking to Singapore for inspiration, Turcas has gone into partnership with Surban Jurong, the world’s largest industrial park operator, owned by the renowned Temasek fund. “We are preparing to attract investors to Turkey together with the world’s number one industrial park operatiors,” Aksoy added. “We have our eye on the project planned for Ceyhan, one of the Industrial Regions for which studies are under way by the Ministry of Science, Industry and Technology. We also believe that an ‘Industry Corridor’ can be created in the region from Ceyhan to Diyarbakir and Sanliurfa by bringing the model developed by the Singaporeans to our country.”
Target s to grow n geothermal energy
Looking ahead, Aksoy noted how his company had positioned itself to take advantage of new developments in energy in 2018. “We made good optimizations,” he said in regard to their three subsidiaries - Shell & Turcas Petrol in fuel distribution, the Denizli natural gas power plant from their RWE partnership in conventional energy, and the Turcas Kuyucak geothermal power plant launched last month.
“Shell & Turcas continues to be our flagship,” Aksoy said. “However, 10 years ago, it represented 100 percent of our assets. Today it has become one of our three main businesses. We still generate 60-70 percent of our income from Shell & Turcas, but now we have also added gas and geothermal to our business mix.”
Over the long term, Aksoy added, the plan is to grow those assets. “In Kuyucak, we will make additional drilling to increase our capacity. We also have other geothermal licenses, especially in the Manisa region. So we are planning to drill in that area as well. The second target is investment based on innovative products and solutions. Such investment does not necessarily need to be in Turkey. It can also be abroad. Our research in developing energy technologies and storage technologies is still on-going. Another growth area for us is mine investments based on non-conventional, niche and precious metals.”