Tag: Turkey

By David O’Byrne of business new europe

With his party expected to win its third overall majority in general elections on June 12, Tayyip Erdogan, Turky’s prime minister, seems set on establishing his own legacy with his long-promised “crazy project” finally unveiled this week: a 50-kilometre long, 120-metre wide canal that his government plans to construct 100 km west of Istanbul between the Black Sea and the Sea of Marmara.

Wide and deep enough for supertankers of up to 300,000 deadweight tonnage – bigger than the biggest tankers in use today – the canal will have no locks and will use passing places and a mooring basin midway to allow simultaneous traffic in both directions – in contrast to the dangerously overcrowded Bosphorus strait, which must be closed in both directions to allow the largest tankers through.

Kiran Stacey

In this week’s readers’ Q&A session, Alexander Medvedev, deputy chief executive of Gazprom, answers your questions.

In this second post, he answers questions on support from Vladimir Putin, the likelihood of a deal between South Stream and Nabucco and future Russian gas demand.

Earlier, he discussed changes to gas pricing, how reliable a partner his company is for EU countries and how Gazprom will respond to the shale gas boom.

Next in the hotseat are Terry Duffy and Craig Donohue, chairman and chief executive of the CME Group. They will be answering your oil-price related questions next Friday, February 25th. Send in your questions for consideration by the end of Sunday, February 20th to energysource@ft.com.

But for now, over to Alexander:

At the end of 2009, South Korea’s Kepco surged past French, US and Japanese competitors to win one of the world’s biggest nuclear tenders on offer – a $20.4bn contract to develop a civilian nuclear programme for the United Arab Emirates.

A year later, the sector’s more established players are fighting back. After 8 months of bilateral talks, South Korea failed to reach a deal to build a nuclear power plant for Turkey in the Black Sea province of Sinop. Instead, Taner Yildiz, Turkey’s energy minister, has just entered exclusive negotiations with another contender: Tokyo.

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