New York, NY- TurkPower Corporation (OTCBB: TRKP) (the "Company") announced that is has signed a consulting and sell mandate with the owner of a lignite fired thermal power plant project, to consult in the development, construction and financing of its 500MW capacity lignite thermal power plant ("TPP") project in Konya, Turkey. The TPP project comes including a lignite mine which is dedicated exclusively as the fuel source for the project. The economical lignite reserves are calculated to be 152,000,000 million metric tons and can supply the TPP for up to 42 years; life cycle of the TPP is 30 years. The mine shows an average lignite thickness of 12 meters and the licensed mining area is 1,852 acres and the license is valid for 42 years. Site exploration studies for a bankable mining plan were conducted by North American Coal Corporation. Total investment necessary to fund the project is approximately $1.26 billion, of which 30% is to be in the form of equity.
Turkey’s central bank faces challenges in ensuring growth and inflows of foreign capital don’t threaten macroeconomic stability, and the bank’s success will feed into the country’s debt rating assessment, Fitch Ratings said. “One of the challenges the central bank faces is to reduce inflation and prevent the economy overheating in a challenging policy environment, including large capital inflows and low global interest rates,” Fitch analyst Edward Parker said.
Calgary, Canada- Valeura Energy Inc. (TSXV:VLE) says it has bought an interest in the Edirne exploration licence in Turkey's main natural gas producing region for $3.1 million, expanding its presence in the country. The Calgary-based company says it will own a 35 per cent interest in the licence, which covers land in the Thrace Basin, the main natural gas producing region of Turkey. It bought the stake from Edirne Enerji Petrol Arama Uretim Ve Ticaret Limited Sirketi, a wholly-owned affiliate of Australia's Otto Energy Ltd. The deal is expected to close around Dec. 22.
State Oil Co. of Azerbaijan Republic (SOCAR) and TURCAS Rafineri AS (STRAS) has awarded Fluor Corp. a project management consultancy for a refinery to be built in Aliaga, Turkey. TURCAS is a joint venture of SOCAR and Petrol AS. The planned refinery will be integrated into the Petkim petrochemicals complex on the Aegean coast. 
