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<\/p>\nTurkish state energy company, Turkish Petroleum Corporation (TPAO), plans to sell up to $4 billion in Islamic debt, or sukuk, amid a push to expand its oil and gas production, the firm\u2019s first such international debt offering.<\/p>\n
The company is preparing to sell the five-year sukuk to international investors by the end of the year, Energy and Natural Resources Minister Alparslan Bayraktar told Bloomberg News on Monday.<\/p>\n
The debut sukuk follows non-deal roadshow meetings in London, Abu Dhabi and Dubai, where officials briefed potential investors on TPAO\u2019s financial outlook and projects, including natural gas production in the Black Sea and oil at the Gabar field in T\u00fcrkiye’s southeast, he added.<\/p>\n
“If the schedule allows, we plan to complete it before the beginning of the year,” the Energy Ministry said on Tuesday in a written statement referring to the Bloomberg interview.<\/p>\n
Owned by T\u00fcrkiye’s sovereign wealth fund, the TPAO also has a growing pipeline of international projects, including exploration plans in Libya, Oman and Pakistan in addition to its existing production in Azerbaijan, Iraq and Russia.<\/p>\n
T\u00fcrkiye plans to boost gas output at its flagship Black Sea field, Sakarya, to 45 million cubic meters (mcm) per day in 2028 from the current 9.5 mcm, Bayraktar also said.<\/p>\n
Oil production in Gabar rose to 81,000 barrels per day (bpd) this year from 57,000 in 2024, the minister also noted.<\/p>\n
The TPAO established a subsidiary in T\u00fcrkiye for the sukuk issuance called TPAO Varlik K\u0131ralama earlier this month, he also informed.<\/p>\n
<\/p>\n
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