|  
  |  
  |  
  |  
  |  
  |  
  |  
  |  
16 April 2014, Wednesday
 
 
Today's Zaman
 
 
 
 

Yıldız: GE to play important role in achieving energy goals

GENERAL ELECTRIC CEO JEFFREY IMMELT (L) AND TURKISH ENERGY MINISTER TANER YILDIZ (R) SEEN AT A MEETING HELD IN ANKARA ON THURSDAY, SEPT. 26. (PHOTO: TODAY'S ZAMAN)
26 September 2013, Thursday /TODAY'S ZAMAN, İSTANBUL
General Electric (GE) will play an important role in Turkey achieving its energy-related goals and the finalization of its energy projects, Energy Minister Taner Yıldız said on Thursday.

During a press meeting with GE CEO Jeffrey Immelt, Yıldız stated that GE was the biggest shareholder and contributor when Turkey's first bulb factory was opened in 1948 and said that GE will continue to be part of the sustainability of the change and development in the energy sector of Turkey. “In accordance with the new conditions in Turkey, we are at a phase of implementing energy-saving LED systems and other equipment and we have given GE a pilot zone in regards to the issue. We have achieved a 45 percent energy saving during the pilot program, which has strengthened the mutual trust between both sides,” he added.

According to Yıldız, the main purpose of the meeting was further cooperation in the field of energy. While underlining the significance of wind energy within Turkey's renewable energy projects, Yıldız explained that “wind energy is very important as we have formed a system where 5.7 billion kilowatts of electricity per hour is produced. But it is not enough and we might develop a new system with GE.”

Responding to questions about whether GE will invest in Turkey, Yıldız said: “We have TL 1.2 billion [$600 million] worth of operational costs related to street lightening and we need to take steps to increase energy savings. However, such investments require big companies to take part and we will talk about it today.”

He continued by saying that the Turkish government has emphasized these investments should be towards local production and international companies such as GE have agreed to that.

Meanwhile, Immelt commented that energy investments in Turkey are of significant importance for the company and stated that he cannot wait to discuss projects related to windmills, gas turbines and LED bulbs.

He stated that GE has a notable history regarding its presence in Turkey and that energy investments in Turkey are one of the leading focus areas for GE. Immelt also referred to GE's commitment to Turkey to make $900 million worth of investments in the country, adding the company will stick to its promises. “We expect to continue our investments in Turkey as planned. We have some notices to be released but they will be announced later.”

In June of last year, Economy Minister Zafer Çağlayan announced that GE would invest $900 million in Turkey -- in sectors such as aviation, energy, health, transportation and infrastructure -- over the next three years following a meeting with GE Vice Chairman John Rice. Çağlayan said that the company would be able to benefit from a wide range of incentives offered to investors to boost local production.

GE, also known as General Elektrik A.Ş. in Turkey, is expected to manufacture turbines and parts. In addition, Turkey's Locomotive and Engine Industry Corporation (TÜLOMSAŞ) and GE currently jointly manufacture high-tech locomotives in Eskişehir.

 
 
BUSINESS  Other Titles
Turkish schools help to enhance trade relations with Africa
Unemployment rate sees decrease year-on-year in Jan
Pegasus Airlines to start flights to Bahrain
Installment payments down 16 pct since credit card regulation implemented
Euro zone's trade surplus widens on rising exports in February
Doğan Holding merges with publishing group
Turkey's Koç: We will concentrate our energy on investments
EU lawmakers complete financial system overhaul
Egypt limits air conditioning in mosques as power shortages worsen
TL 1.5 billion budget deficit seen in Q1
Cacharel to bring womenswear to Turkey with 2015 season
Business organization begs for refocus on economy
Purge in bureaucracy may unsettle markets, economist warns
Industrial turnover index falls 0.2 pct in February
Foreign debt increase breaks national record
Agricultural producer price inflation reaches double digits
Export expectation index rises by 18 points for Q2
Bank loans decelerate amidst restrictive measures
ECB Report: Turkey's economic vulnerabilities may harm eurozone
Calls to boycott Hizmet institutions denting market confidence
...
Bloggers