Boeing clinches Turkish plane deal
BBC NEWS, April 22, 2003 - Turkey is reported to have finalised a contract to buy surveillance planes to boost its defences, said reports on Tuesday. Turkish Prime Minister Recep Tayyip Erdogan approved the deal with US giant Boeing on Monday, according to the Turkish media. The deal is worth more than $1bn, Boeing has confirmed. Turkish sources said it was in the region of $1.5bn. Turkey, which accepted foreign Awacs protection during the Iraq war, has been keen for many years to boost its own radar surveillance abilities. Details for the sale of the airborne early warning and control (AEW&C) planes were finalised, 10 months after the draft was signed.

Boeing did not say when the 737 planes were due to be handed over, although Turkish newspapers said the first plane would be delivered in four years' time, and that others would later be assembled in Turkey. The contract also provides for back-up including crew training and maintenance. Several major Turkish firms, including TAI and Havelsan, are also involved.

Iraq fears
During the Iraq conflict, Nato deployed four German Awacs planes to boost Turkish defences. It had been feared that Iraq might try to launch attacks on Turkey, after it opened its airspace to US planes.

But Germany threatened to withdraw crews manning the planes if Turkey sent troops into northern Iraq.

The Turkish Government is thought to have been negotiating with a Boeing-led team since November 2000.

The deal was previously put on hold because of Turkey's economic crisis.

Previous Boeing contracts with Turkey have included harpoon missiles as well as mid-air refuelling KC-135 tanker aircraft.

Turkish Government Expects $25 Billion From Forest Land Sales
Selim Atalay, Dow Jones Newswires, ISTANBUL - The Turkish government is expecting to raise $25 billion by selling forest land, ruling Justice and Development Party (AK) deputy chairman Necati Cetinkaya said, the Anatolia news agency reported Friday, May 2.

However, his predicted $25 billion from the sale of state-owned land that once was allocated as forests, but has now been reclassified because of deforestation and illegal housing, is well above analysts' forecasts. The planned sale is also in doubt because the president has vetoed a constitutional amendment which must be passed before the land can be sold.

Analysts say the government, pressured by heavy debts and the limitations of the International Monetary Fund -backed austerity program is seeking creative revenue-raising methods.

But in the same statement, Cetinkaya was also reported as saying that the government plans to lower energy prices by 50% to cut manufacturers' costs, a move that would contravene the IMF backed program. He didn't elaborate.

Turkey is a net energy importer and domestic fuel, electricity and natural gas prices are set by the world prices and government taxes. The IMF would see any discount plan as a subsidy.

The IMF has allocated Turkey a total $30 billion loans in return for a tight monetary program that aims to lower the inflation rate and the budget deficit. The program also forbids subsidies and grants, and fiscal prudence is important for reassuring financial markets.

Cetinkaya said the five-month old government is determined to keep its popular pre-election pledges, and has already granted a 35% fuel subsidy to farmers, and started repaying the savings of government employees.

An IMF team is expected in Turkey May 21 for the fifth review of the latest bailout program. The IMF has set up frequent reviews to make sure that Turkey sticks to the program.

Inmet Buys Teck Cominco Copper Property in Turkey
TORONTO (Reuters), April 28, 2003 - Canada's Inmet Mining Corp. said on Monday it will buy Teck-Cominco Ltd's Turkish unit Teck Cominco Madencilik Sanayi, which could boost annual copper output by about 20,000 tonnes.

Inmet, which owns a 55 percent stake in the Cayeli copper-zinc mine in Turkey, said the TCM subsidiary owns the Cerattepe property, a copper and near-surface gold-silver deposit, about 200 km (124 miles) by highway from Cayeli in northeastern Turkey.

Turkey unveils sell-off targets
Alex Skorecki, Financial Times, May 02, 2003 - Turkey announced yesterday a target of $4 -$5 billion proceeds from privatizations and added the National Lottery to its list of companies for this year's sell-off program.

Kemal Unakitan, finance minister, reported a "very good level of interest".

On Turk Telekom, Mr Unakitan said he would announce a timetable soon. A deadline was missed this week for the cabinet to approve a sale. Other names on the block are oil company Tupras, cigarette and alcohol company Tekel and petrochemicals group Petkim.