Turkish Businessman Türel Announces Major Investment

Turkish businessman who acquired Croatia's largest petrochemical facility now owns a Canadian oil refinery valued at USD 2.7 billion through a foreign-backed consortium partnership. Murat Türel, who has signed projects aimed at increasing the effectiveness of Turkish business people in global markets by securing strategic agreements with leading international oil and gas companies, previously acquired Croatia's largest petrochemical facility. Turkish businessman Türel subsequently became owner of an active oil refinery in Canada valued at USD 2.7 billion through a consortium partnership with foreign capital investors. Murat Türel and his partners, stating that they obtained syndication credit from five international banks for 75 percent of their investment, made the following comments: "In today's highly competitive environment in the oil and gas sectors compared to the past, we are rising among the world's largest companies and achieving our targets. This should be regarded not only as the success of a Turkish businessman, but also as the success of Turkey."

Work underway to shift dynamics in Turkey

Emphasizing that Turkey, while positioned in a region with concentrated oil and natural gas reserves such as Central Asia, Russia, the Middle East and the Caspian Region, is dependent on these resources and has strategic importance in terms of supply and demand balance, Türel continued: "With increased private sector participation that is liberal and competitive in Turkey's energy markets, a seriously developed infrastructure has been established. The addition of new players to this sector, where predictability is the most important criterion, has started to gain importance in terms of developing the existing system. Additionally, over the past 10 years, an enormous investment capacity of 2.2 GW was brought into operation in our country and supply security has been largely resolved compared to previous years. Thanks to new refineries, global giants have begun to prefer our country, and Turkey has risen to the position of a country with much greater strategic importance globally. The investments made will provide significant benefits in the coming period in terms of easier access to energy resources worldwide and bringing Turkey to a better position in energy."