Page 67 - TURKRptFeb20

Electricity producers are selling output on the liberalised market in which prices are shaped by market dynamics. When there is an oversupply, prices automatically fall on the market.
9.1.7 Metallurgy & mining sector
The Turkish Employers Association of Metal Industries (MESS) and Turkish Metal Union agreed on 18.49% wage hike for the first six months and 25.5% in total for 2020. Listed companies, including carmakers Tofas, Otokar, and Ford Otomotiv as well as home appliances maker Arcelik, are among the members of the MESS.
9.1.8 Other sector news
Sales in Turkey of refrigerators, deep freezers, washing machines, clothes dryers, dishwashers and ovens declined by 6% y/y last year to stand at 6.7mn units, according to business group TURKBESD.
Exports of the items edged down 1% to 22mn units.
Interest rates on consumer loans dropped to 14.7% as of January 17 from around 30% a year ago, data on the Turkish central bank’s website show.
Dincer declined to comment on the industry’s expected performance this year, saying that “there are too many variables to take into account”.
With annual production standing at more than 28mn units, the Turkish white goods sector is second only to that of China. The industry exports roughly three-quarters of its output.
9.2 Major corporates
9.2.1 Oil & gas corporate news
● Socar
Socar is Turkey’s biggest direct foreign investor, indicative of the close political ties between Baku and Ankara. Besides its involvement in developing the Trans-Anatolian Natural Gas Pipeline (TANAP) which pumps Azerbaijani gas
67 TURKEY Country Report OUTLOOK 2020 www.intellinews.com