Turkish Petroleum Pipeline Corp. to get $1.2 bln. loan

Turkish Petroleum Pipeline Corporation to receive $1.2 billion from Turkey's Central Bank to meet payments by end of year

Turkish Petroleum Pipeline Corp. to get $1.2 bln. loan
World Bulletin/News Desk
Turkish Petroleum Pipeline Corporation will receive $1.2 billion from Turkey's Central Bank to meet its payments by the end of the year, Turkish Energy Minister Taner Yildiz said Wednesday. 

The Turkish Petroleum Pipeline Corporation will meet all payments with the grant, Yildiz said during a press conference after the prelaunch of the third International Istanbul Smart Grids Congress and Fair in Ankara. 

"Russia is one of the countries that the corporation will make payments to, but it is not the only one," Yildiz said, adding that the grant will be enough for all debts.

 "It should be understood that the corporation is receiving the grant for times when the rates of exchanges increase. We believe that the grants that will be taken from the bank will have a positive impact on the market," he said.

Yildiz also said that this is not a topic to be speculated on making reference to the management of the company, but said that it is rather a precaution that the corporation took.

"The loans taken from the Central Bank will be significant in times of fluctuating market values, but will not have a multiplier effect in stable times," Yildiz stated. 

On questioning as to whether the rise of the dollar will be efficient to absorb the falling oil prices, Yildiz responded that the rise of dollar is not a positive sign for importing countries.

"Its increasing value is absorbing the declining oil prices, and I am hoping that the dollar's value will not increase more," he added.

The recent developments in Russia resulting in the ruble losing value to the dollar are significant for inflation figures, he said.

"What the leaders of Russia and Turkey propose for the ruble and lira is for a healthier and more significant exchange rate, and we propose a barter system between export and import figures," Yildiz stated and added that  such a system paves the way for real figures with real values.

On the topic of the canceled South Stream project in which it is speculated that the EU is attempting to revive, Yildiz emphasized that the issue is between Russia and the EU and he said that Turkey is not a party to it and will not become involved in its debate.  

 However he said, "We are still having negotiations with Russia over the new route of the South Stream via Turkey, the process is not over yet," he concluded. 

Güncelleme Tarihi: 17 Aralık 2014, 22:00