One more Russian firm enters Turkey

One more Russian firm enters Turkey

ISTANBUL- Hürriyet Daily News
Russian energy company Inter Rao is preparing to acquire all of Trakya Elektrik’s main shareholder, U.S.-based AEI Energy, making it the latest Russian giant to enter the Turkish market.

According to the source, Russian Inter Rao is negotiating to acquire 100 percent of AEI, which entered the Turkish market two years ago when it bought a 90 percent stake in Trakya Elektrik for $400 million. AEI produces energy in different regions in the world like Latin American and China.

Trakya Elektrik has an electricity production capacity of 478 megawatts and produces roughly 3,800 gigawatt hours of electricity per year. According to official Turkish figures, the average person in Turkey consumes 540 kW of electricity a year.

Trakya Elektrik’s remaining 10 percent stake is owned by Gama Holding. Inter Roa, which has 16,000 employees, had a turnover of $18 billion in 2011, according to the company’s financials. The company has invested in the ex-Soviet bloc from Georgia to Tajikistan and has a total electricity production capacity of 18,000 megawatts.

Russian finance firms in particular have had their eye on Turkey. Gazprombank has become a partner with Tahincioğlu Holding’s energy company Avrasya Gaz while Moscow-based Renaissance Capital acquired Turkey’s Mira Securities in March, becoming the first Russian financial firm to invest in Turkey.
LATEST NEWS

  1. Over 47 million foreign tourists visit Türkiye in 10 months

  2. Probe launched into journalists Altaylı, Saymaz

  3. Greece pushes green transition on its fragile islands

  4. AI firms seek accords with publishing giants to maintain growth

  5. Competition authority launches probe into Mastercard, Visa
Recommended

Over 47 million foreign tourists visit Türkiye in 10 months

AI firms seek accords with publishing giants to maintain growth

Competition authority launches probe into Mastercard, Visa

BP announces $7 billion gas project investment in Indonesia

Trudeau to send checks to millions of Canadians

SEC Chair Gensler to exit, clearing way for Trump pick

Volkswagen workers head towards strikes from December
WORLD

Greece pushes green transition on its fragile islands

Greece this week signed a clean energy deal with the EU in a bid to fast-track the green transition on its fragile islands threatened by overtourism and climate change.
ECONOMY

Over 47 million foreign tourists visit Türkiye in 10 months

Foreign tourist arrivals in Türkiye increased by 7.03 percent year-on-year in January-October to 47.3 million, according to data from the Culture and Tourism Ministry on Nov. 22.

SPORTS

Türkiye heads to Nations League playoffs after Montenegro loss

Türkiye spurned the opportunity to finish atop its group in the UEFA Nations League and qualify for League A directly with a 3-1 loss at Montenegro on Nov. 19 night.