Turkish Petroleum Corporation (TPAO), the state-owned energy company of Turkey, plans to issue its first-ever Islamic bond of about $4 billion to fund the expansion of its oil and gas production, Turkey’s Energy Minister Alparslan Bayraktar has told Bloomberg.
TPAO prepares to sell the five-year Islamic bond, the so-called sukuk, to international investors by the end of this year, Bayraktar said.
TPAO has held a roadshow in London and the UAE’s Dubai and Abu Dhabi, where it presented to potential investors its plans for future projects, including the gas deposits in the Black Sea and the Gabar oilfield in southeastern Turkey, the minister told Bloomberg.
The Turkish state oil and gas firm plans to boost both its domestic output and production in various projects and joint ventures abroad, including in the Black Sea, the Caspian Sea, the Middle East, and Asia.
Earlier this year, Bayraktar said that Turkey is boosting domestic natural gas production in its Black Sea waters and is looking to expand its international partnerships in oil and gas exploration in Bulgaria’s Black Sea, in the Caspian Sea region, and in Iraq and Libya.
Turkey has also signed an agreement with Pakistan to jointly explore and potentially develop oil and gas resources offshore Pakistan.
Turkish energy firms will explore for oil and gas offshore Pakistan under agreements with local companies, Turkish Foreign Minister Hakan Fidan said during a visit to Pakistan in June.
Turkey and Pakistan are also evaluating potential cooperation in oil and gas exploration and production, mining, and rare earth elements, the minister added.
While Turkey and TPAO look to boost their international presence in oil and gas exploration, the country has just completed phase one development at the Sakarya Gas Field in its Black Sea waters.
Turkey has been boosting natural gas production from its Black Sea operations, where massive gas reserves have been found in recent years.
By Tsvetana Paraskova for Oilprice.com
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