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paid monthly, will equal the electricity price for residential customers. Last May the Turkish government decreed PV systems installed under the new rules, which were still awaiting approval at the time, would be exempted from the 5% income tax payable on revenue generated from the sale of excess power to the grid. The Turkish official journal on May 10 announced that the government has amended the rules for ‘unlicensed’ PV projects, which were previously defined as facilities with not more than 1 MW of generation capacity. The major change was that the unlicensed bracket now applies to all projects with a capacity of up to 5 MW. However, the only ground mounted projects eligible for unlicensed status are public installations used for agricultural irrigation, water treatment plants or waste treatment facilities. Such projects must only have a generation capacity to meet their needs and constraints on nearby grid networks will be considered when feasibility is determined. Unlicensed commercial and industrial projects must be rooftop arrays.
9.1.10 Metallurgy & mining sector news
9.1.11 Other sector news
Turkey’s white goods market contracted 12% y/y in April, data from the White Goods Manufacturers’ Association (TURKBESD) showed on May 22. White goods sales include refrigerators, washing machines, dishwashers and ovens. According to the association, last month’s sales on the domestic market amounted to 469,508 units. TURKBESD also said sales in the first four months of the year exhibited an 8% decline on an annual basis to 1.83mn units. White goods exports increased by 7% y/y to 1.53mn units in April but shipments to foreign markets fell by 1% to 5.69mn in January-April. Production rose by 2% on an annual basis to 2.12mn in the fourth month, but in January-April local companies produced a total of 7.84mn units of white goods, a 2% percent decline from a year ago.
9.2 Major corporate news 9.2.1 Oil & gas corporate news
Socar Turkey Enerji IPO ‘planned for London, Hong Kong, Istanbul exchanges in 2021’. Azerbaijani national oil company Socar is reportedly planning to list its Turkish subsidiary Socar Turkey Enerji on the London, Hong Kong and Istanbul stock exchanges in 2021. “We believe that we have a good asset that we can monetise and IPO is a profit for shareholders,” Zaur
100 TURKEY Country Report June 2019 www.intellinews.com