Page 58 - TURKRptNov19

Turkey plans to raise Turkish lira (TRY) 357.2bn ($62.5bn) of debt in 2020, equivalent to a 50% increase on projections for this year​, the Treasury’s borrowing strategy published on October 31 showed.
Tax revenue in Turkey has been undermined​ by this year’s economic slowdown in the country following the lira crisis of summer 2018, meaning heavier borrowing is required to compensate. ​The government will also face a weighty debt repayment schedule next year​.
Turkey plans to borrow TRY299.6bn from the domestic market and redeem TRY287bn, taking the debt rollover ratio to 104%, according to Bloomberg calculations. That’s down from an expected 121% this year.
The Treasury also plans to borrow $9.6bn on the international markets in 2020. This year’s target is $8bn.
The government always exceeds the planned borrowing figures.
In other borrowing, Turkey plans to sell a lira-denominated sukuk in February, April, September and November.
9.0​ Industry & Sectors 9.1 ​Sector news
9.1.1​ Oil & gas sector news
Turkey’s oil product imports increased by 12% y/y to 4.2mn tonnes in August​, a report by the energy market regulator BDDK has shown.
The country imported some 3mn tons of crude oil in the month, pointing to a strong 46.1% increase from a year ago.
Russia was the largest supplier in the month as Turkey purchased 1.1mn tonnes of crude from suppliers in Russia. Iraq and Kazakhstan followed Russia with 1mn tonnes and 455,000 tonnes, respectively.
The data also showed that Turkey’s diesel oil purchases from other countries fell more than 27% y/y to 937,680 tonnes in August.
Last year, the country’s total oil product imports declined by 9.2% from 2017 to stand at 38.7mn tonnes, with crude oil imports falling 18.6% to 21mn tonnes.
Turkey has four pipeline entry points and LNG re-gasification facilities​. Turkey consumes around 50bn cubic metres (bcm) of natural gas per year.
The country imports gas via pipelines from Russia, Azerbaijan and Iran. Last year, the country imported 23.6 bcm of gas from Russia, 7.9 bcm from Iran and 7.5 from Azerbaijan. The rest, amounting to 22.5%, was received in the form of LNG.
Turkey's LNG imports reached a record high of 7.14 bcm in the first half of 2019, according to Turkey's Energy Market Regulatory Authority's (EPDK).
The share of LNG in natural gas imports surpassed 30% for the first time in the January-June period, when there were 23.29 bcm of natural gas imports.
Socar AQS, an integrated drilling and well services management company and subsidiary of Azerbaijan’s Socar national oil company, has
58​ TURKEY Country Report​ November 2019 ​ ​www.intellinews.com