10/4/2010

GE to focus on Turkish energy projects

Hurriyet Daily News - General Electric (GE) Turkey is preparing to sell its shares in Garanti Bank and invest more money in energy projects, said the General Manager of GE Turkey at a press meeting in Istanbul. GE Turkey currently contributes USD 1.5 billion to GE International, Kursat Ozkan, General Manager of GE Turkey, said on Friday, adding that nearly USD 500 million of their revenue comes from Garanti. GE still has 20.85 percent of Garanti's shares.

The estimated market price of Garanti is nearly USD 23.5 billion. The General Manager told Hurriyet Daily News & Economic Review that GE international had decided to lower their financial assets from USD 600 billion to USD 400 billion. Around USD 200 billion of the assets will be redirected to energy and healthcare investments in different parts of the world. With its 50 percent share in Gama Energy Inc., GE Turkey plans to increase its investments in the energy sector. The company already has three licenses to operate wind power plants in the northwestern Turkish provinces of Canakkale and Balikesir, which each have capacity for at least 110 wind mills. "Energy will be the fastest growing sector in Turkey over the next few decades, particularly due to Turkey's ability to supplement the European Union's environmental chapter", said Ozkan.
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turkey; general electric; ge turkey; energy sector; energy investment; healthcare investment; garanti bank; kursat ozkan