• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 15 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

Mexico's President Has Failed to Deliver on Clean Energy Promises

Mexico's President Has Failed to Deliver on Clean Energy Promises

Mexico's clean energy transition suffers…

Turkey Expects UAE To Initiate $51 Billion Investment Deal By Year-End

Turkey expects the first investments from the United Arab Emirates (UAE) into its economy to start flowing by the end of this year after the two countries signed a major investment deal last month.

“We have very productive dialogue with Gulf countries, with the most concrete example being the $51 billion financial investment package announced by the UAE,” Turkey’s Treasury and Finance Minister Mehmet Simsek told the Yeni Safak newspaper in an interview published on Thursday.

In July, Turkish President Recep Tayyip Erdogan signed the multi-billion investment deal while visiting the UAE, one of the world’s top crude oil producers and exporters, as part of a tour of several countries in the Gulf.  

UAE President, Sheikh Mohamed bin Zayed Al Nahyan, and Erdogan signed several landmark deals during the Turkish president’s visit.

In one of those, ADQ, the Abu Dhabi sovereign wealth fund, announced two memoranda of understanding (MoUs) with Turkish entities to deepen bilateral cooperation and contribute to Turkey’s economic development. ADQ will finance up to $8.5 billion of earthquake relief financing bonds to accelerate reconstruction efforts from the devastating earthquake in Turkey in early February.  

The UAE and Turkey also agreed on $30 billion worth of energy deals, but these are provisional, may not materialize, and many will “take time,” the Turkish minister Simsek told Yeni Safak as carried by Bloomberg.

Turkey is trying to shore up its economy while betting on recent natural gas discoveries to turn it from a major importer of energy to an energy-independent country.

The volumes of natural gas that Turkey has found so far in the Black Sea are worth in excess of $500 billion, Turkish Energy and Natural Resources Minister Fatih Dönmez told broadcaster CNN Türk earlier this year.


The huge gas finds would be enough to supply all households in the country for 35 years, or to cover total Turkish natural gas consumption, including from industry, for 15 to 20 years, the minister added.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News