Guler Sabanci, chairperson of Sabanci Holding, one of Turkey’s largest conglomerates, is betting on energy. The bulk of the diversified group’s $1.5bn investments this year will be in electricity as the company tries to take advantage of “the serious transformation of Turkey’s energy sector,” Sabanci explains in an interview in FT’s special report on Turkey published on December 7th, 2010. The conglomerate, which now has half of its consolidated revenues in financial services, aims to seize a 10 per cent share of the fast-growing power market by 2015 through the jointly-owned generator and distributor Enerjisa.
Some observers think, however, the Turkish energy market is becoming irrational and the prices paid in recent privatisations are too steep. There are also uncertainties over long-term tariffs and over the new regulatory environment to be set up, writes Delphine Strauss, the FT’s Turkey correspondent.
“The [market's] fundamentals are being newly established - but I have great trust and hope,” says Guler Sabanci.
The FT report on Turkey focuses on the challenges the country faces in justifying its claim to be “Europe’s Bric”. The reliance on imported energy is a major contributor to Turkey’s significant current account deficit. Turkey is vulnerable because it depends on external capital inflows to finance deficit and its growth.
These challenges explain why - despite the increased international investors’ appetite for Turkish assets - credit rating agencies do not class the country investment grade. The FT says an upgrade would be an acknowledgement of the country’s reforming efforts. Photo: Necdet Kosedag.
Last modified onSaturday, 06 May 2017 10:07
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