Construction Business Punj Llyod April 26 2010 TCDD’s Opens

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					                   April 26 2010-TCDD’s Opens International Tender
                   for Installing High Speed Train Simulator System
  Executive Board approval will be sought in May for the tender specification of the
   work of USD 10 million to be financed from own sources. French, Spanish and
  Australian firms are interested in the tender for the system to be manufactured in
                            Eskişehir TÜLOMSAŞ facilities

TCDD General Directorate, started a new era in the Railway Transportation Sector in turkey
with High Speed Train investments, will launch an international tender for the installation of
High Speed Train Simulator System to be manufactured in TÜLOMSAŞ facilities, its
establishment in Eskişehir for training High Speed Train driver and giving training to
personnel to serve in High Speed Trains.

Complete design, manufacturing, delivery, test drives and services will be included in the
coverage of the turnkey international tender and the subject tender will be financed from
own sources to which every firm can participate at international level.

High Speed Train Simulator System subject to tender

In the coverage of High Speed Train Simulator System subject to tender, there will be
various sections and computer systems. One of the most important section in the Simulator
System will be “Control Station” to be used for operation activities training. In the Control
Station where the supervisions and controls will be conducted, all kinds works of operator
and training purpose.

Within the context of the control station, there will be computer systems, telecommunication
system, track preparation on CGI technology, observation station and trainee station.

Work of about USD10 million

Approximate estimation cost of High Speed Train Simulator System to be manufactured in
Eskişehir TÜLOMSAŞ facilities will be about USD10 million. Relevant sources note that
TCDD General Directorate has previously launched a tender in 2008 for High Speed Train
Simulator System, however, the tender was cancelled as only one bid was submitted.
Interest level in the tender is reportedly high enough to build a competition in simulator
tender of TCDD for which bids will be received on the basis of FOB and CIF by irrevocable
letter of credit.

The same sources further report that French, Spanish and Australian companies are
interested in the TCDD’nin Simulator tender and Executive Board approval will be sought for
launching international tender in May by TCDD.

                    April 26 2010-ERENCO A.Ş., ERDEMİR Capacity
                      Increase and Modernization (CIM) Project
 ERENCO made the prequalification announcement announced for the international
tender to be opened for 4 new facilities. Companies will submit their prequalification
 applications to ERENCO no later than COB May 14, 2010 for Steam Turbine-Blower,
 Top Pressure Recovery Turbines for Blast Furnaces and No.7 Air Separation Plant
           and no later than COB May 28, 2010 for No 4 Coke Ovens Battery
ERDEMİR A.Ş. Company (Ereğli Iron and Steel Factories) operating within the body of
OYAK Holding and one of the world’s leading Iron and Steel Factories due to the recent
important investments made, announced the expected prequalification for the international
tender of the new facilities which we announced to be established within the scope of CIM
Project (TEBANEWS#1457/April 19, 2010).

Below are the facilities for which ERENCO A.Ş. will announce international tenders:

(a) Turbine-Blower No 5 for Blast Furnaces: Abovementioned facility will be established to
pump pressurized air to the blast furnace.

(b) Top Pressure Recovery Turbines for Blast Furnaces (2 pcs): Turbine-generator group to
produce electricity by making use of the pressure of the gas released from the blast will be
installed.

(c) No 7 Air Separation Plant: No 7 Air Separation Plant, also known as Oxygen Facility, will
be constructed in order to supply increasing nitrogen and oxygen need of ERDEMİR in a
safe way with no interruptions.

(d) No 4 Coke Battery: ERDEMIR supplying most of its coke need through İSDEMİR is
targeting to have higher coke production by constructing No 4 Coke Ovens Battery. There
are three separate facilities within the scope of this package. These are:

1- No 4 Coke Ovens Battery

2- Coke by-product Plant

3- No 1&2 Coke Dry Quenching (CDQ) Plant

In coke by-product plant, secondary products which have commercial value such as coal
tar, ammonium sulfate, benzol are obtained by processing coke gas released during the
coking process of the hard coal in coke batteries. Moreover, cooled and purified coke gas is
used as fuel in several facilities mainly in the batteries and in power plants. In Coke Dry
Quenching (CDQ) Plant quenching is performed with nitrogen gas and additional energy is
obtained.

Companies will submit prequalification applications until the end of May

Companies required to obtain prequalifications certificates in order to participate in
ERENCO’s tenders will submit their applications by attaching the general information
requested along with information and documents included in prequalification documents no
later than the deadlines given below;

Below mentioned documents will be submitted to ERENCO, contact information of which is
given below, by stating project name in the preliminary selection application letters;

- No later than May 14, 2010 for Steam Turbine-Blower, Top Pressure Recovery Turbines
for Blast Furnaces and No 7 Air Separation Plant

- No later than May 28, 2010 for No 4 Coke Ovens Battery

- Letter of Intent
- Last three years’ Activity Report of the company (English)

- Last three years’ Audited Income Statement and Balance Sheet of the company

ERENCO Contact:

Erdemir Engineering Management and Consulting Services Inc. (ERENCO)

Merdivenköy Yolu Caddesi No.2

34750 Küçükbakkalköy-Ataşehir/İstanbul Türkiye

Tel. + 90 216 578 80 35 /40/44

Fax: +90 216 469 48 37

                April 26 2010-IMF’s World Economic Outlook Report
                                     Released
  Economic growth ratios in emerging markets and developing countries will further
 increase in 2010 and 2011, however, this will not be adequate to cover the losses in
 stagnation period. In other word, the excessively increased unemployment ratio will
  gradually decrease. Turkey economy is expected to grow 5.2% in 2010 and 3.4% in
                                         2011

INTERNATIONAL Monetary Fund (IMF) has published “World Economic Outlook” report
before the IMF and World Bank Spring Meetings to be held in Washington.

IMF Economy Consultant and Research Department Director Olivier Blanchard has noted
that expectations towards the global recovery would further improved, that the growth in
emerging markets and developing countries in 2010 and 2011 would be more strong,
however, the growth in the developed countries would not adequate to compensate the
stagnation period.

Noting the Global improvement is reached good level earlier than expected, Blanchard has
stated that global growth was expected to be 4.2% in 2010 and 4.3% in 2011. Developed
economies were estimated to grow by 2.3% in 2010 and 2.4% in 2011, Blanchard has
noted, the production in these countries receded 7% compared to pre-crisis period and this
would not sufficient to compensate the losses inflicted in stagnation period.

Reporting the unemployment ratio in developed countries will reach 8.4% in 2010 however,
envisaged to recede to 8% in 2011, Blanchard has said that the production deficit which
was lasted long, has originated from the reservations of the consumers in the USA and
restrictions applied on the credit amounts by the weak banking sector in Europe.

Growth of the emerging economies and developing countries will be more strong

In the report released by IMF, the economic growth is stated to be more strong in emerging
markets and developing countries and the economies of these countries will grow 6.3% in
2010, 6.4% in 2011. The economic growth in emerging economies led by developing Asia is
expected to be 8.7% in 2010 and 8.6% in 2011.
Turkey economy will grow 5.2% in 2010 and 3.4% in 2011

In the report, Turkey economy is estimated to grow 5.2% in 2010 and 3.4% in 2011 and the
global growth rate is estimated to reach 4.25%. As is known, the shrinkage of the Turkey
economy has reached 4.7% in 2009 according to the initial estimation.

In the Report, the consumer prices were noted to increase on annual basis by 6.3% in 2009
in Turkey, the subject increase is envisaged to be 9.7% in 2010 and 5.7% in 2011.
Meanwhile, the ratio of the current transactions balance to Gross Domestic Product (GDP)
is noted to be –2.3% in 2009, to reach –4% in 2010 and –4.4% in 2011. In the report,
Poland is given as an example to countries which overcame the global crisis for now,
Turkey as an example to countries overcame first shocks, it is estimated that such countries
will recover strongly with the support of the normalization of the global trade and recycling of
the capital flows.

                  April 26 2010-TCDD’s Ankara-İstanbul High-Speed
                               Train Project (1st Stage)
 Treasury Undersecretariat signs OFID credit agreement of €25 million to be used by
                                      TCDD

IT HAS BEEN learnt that OFID Credit agreement for €25 million would be signed by
                                                st
Treasury Undersecretariat so as to be used for 1 Stage works of TCDD General
Directorate’s Ankara-İstanbul High Speed Train Project.

According to information obtained by TEBA on the subject, Treasury Undersecretariat
officials are awaited to sign €25 million credit agreement with OFID representatives in the
course of IMF and World Bank Spring Meetings to be held in Washington on April 24-25,
2010.

As it might be recalled, in the most recent news story on the subject we reported that TCDD
General Directorate has already informed Treasury Undersecretariat that OFID forwarded
the awaited positive response and Treasury Undersecretariat has prepared OFID credit
agreement and submitted to State Minister Ali Babacan for approval
(TEBANEWS#1457/April 19, 2010).

TCDD’s spending made as from May 2008 will be paid from the credit

                                               st
It has been learnt that the spending towards 1 Stage works of TCDD which was made
since May 2008 and subject to correspondence between Treasury Undersecretariat and
TCDD for a long tithe payments of which could not be made, has been included into the
coverage of the credit agreement to be paid from the credit.

Thus, TCDD will start to make payments to the contractors for the works already completed
                       st
within the context of 1 Stage works since 2008 however, payments could not be made,
after the OFID credit takes effect.

TCDD General Directorate has earlier declared in the Accounting Table towards OFID credit
usage to Treasury Undersecretariat that of the credit of €25 million, approximately €13
million was used for superstructure works and €12 million for infrastructure works
(TEBANEWS#1445/January 25, 2010).
                                                                     st
As is known, superstructure works of Esenkent-Eskişehir section, 1 Stage of Ankara-
İstanbul High Speed Train Project have been completed by Alarko-OHL consortium in 2009.

                                                                            st
An allocation of TL 93 million was made for Esenkent-Eskişehir Section, 1 Stage of the
Project, to be used by TCDD General Directorate in 2010. Of this amount, TL 50 million will
be financed from the foreign credit to be obtained. The subject amount will reportedly be
financed subsequent to Treasury Undersecretariat makes the OFID credit agreement of €25
million, most probably in April.

                 April 26 2010-DSİ’s Meeting for Irrigation Projects in
                                  the Scope of GAP
 GAP Projects were discussed in detail in the meeting by General Directorate of DSİ
 and Agricultural Reform Undersecretariat of SPO and GAP Administration officials
        which was led by Minister of State Cevdet Yılmaz, in charge of SPO

DSI irrigation projects included in Erdoğan Government’s GAP Action Plan and allowing use
of additional allowance due to the transfers from the funds provided for the public enabled
by the law were discussed during the meeting held on April 20, 2010 with the presence of
Minister of State Cevdet Yılmaz.

Recent situation of GAP investments, problems experienced during the projects realized
within the scope of investments, consolidation and the next steps to be taken were
discussed during the meeting where Undersecretariat of SPO, General Directorate of DSİ
and Agricultural Reform and GAP Administration high level officials were present.

In the meetings, officials of the related institutions presented information and the importance
of providing inter-institutional coordination, provide the use allowances reserved in 2010,
informing Minister Yilmaz as the immediate supervisor concerning possible problems that
might occur in the projects, and reviewing projects more often by taking the importance of
GAP projects into consideration were noted once more.

As may be recalled, the progress of the projects of all investor agencies were reviewed
             th
during the 24 GAP Higher Board meeting with the leadership of Prime Minister Erdoğan
and the importance of the investments in the field of irrigation and the progress of the
investments were stated by Prime Minister Erdoğan (TEBANEWS#1448/February 15,
2010).

Schedules prepared for DSİ’s agriculture projects are being followed closely

According to the research conducted by TEBA at this point, DSİ high-level officials stated
the recent situation of agriculture and irrigation projects in detail and highlighted the
importance of consolidation once more. It has been determined that schedules of the
projects on the agenda of DSI within the scope of GAP Action Plan are being followed
closely and it is not projected that any delay occur in the project.

Construction of 18 ea DSİ irrigation systems is underway in GAP Region

As it is known, currently 18 ea DSI irrigation systems construction is underway in GAP
region and 1 ea dam construction was tendered and the tender process of 4 ea main
channels goes on. Among 18 ea irrigation systems being constructed, 7 ea are in the
service region of DSİ 10th Regional Directorate (Diyarbakır), 8 ea in the service region of
       th                                                                          th
DSİ 15 Regional Directorate (Şanlıurfa) and 3 ea in the service region of DSİ 20 Regional
Directorate (Kahramanmaraş).

Below are the ongoing irrigation projects of DSİ construction of which is underway: Kralkızı-
                           st                                          st
Dicle Pumping Irrigation 1 Section, Kralkızı-Dicle Gravity Irrigation 1 Stage, Kralkızı-Dicle
             nd      rd       th
Main canal 2 and 3 and 4 Section, Batman Right and Left Coastal irrigation, Mardin
                                                       th
Ceylanpınar Plain Irrigation, Harran Plain Irrigation 6 Section, Upper Harran Mail Canal,
                                                             st nd       rd
Upper Harran Plain Irrigation, Lower Mardin Main Canal 1 , 2 and 3 Section, Suruç Plain
                                                 st       nd
Pumping Irrigation Main Transmission Canal 1 and 2 Section, Kayacık Plain Irrigation,
Belkıs Nizip Pumping Irrigation and Kılavuzlu Irrigation 1st Section.

It has been set that the construction of irrigation projects of 394,011 ha, projects of which
were ready, have been tendered and works have been launched and the negotiations have
been carried out with the related institutions in order to perform consolidation-expropriation
works in parallel with irrigation construction without making people suffer.

                  April 26 2010-French Alstom Power to be the Best
                            Supplier of the Year for Petkim
Alstom Power was picked as the “Best Supplier of the Year” out of 600 companies for
                     supplying parts and services for Petkim

ALSTOM POWER from France has been picked as the “Best Supplier of the Year in Supply
of parts and Services” out of 600 companies by Petkim-Petrochemical Holding which is
known as the giant in Petrochemical Industry in Turkey with it’s 3.2 million tons of annual
gross production.

Producing raw material as important industrial inputs for the sectors of construction,
automotive, electricity, electronic, packaging and textile, Petkim-Petrochemical Holding
awarded French Alstom Power with Best Supplier of the Year for its work in helping to keep
Petkim’s cogeneration power plant in good order.

The cogeneration power plant in İzmir refinery supplies both electricity and steam to other
petrochemical facilities and is therefore critical to Petkim’s business. Several major projects
have been realized by Alstom Power for the Plant such as the delivery of the new generator
stator in January this year and inspection of an existing gas turbine and steam turbines.

                    April 26 2010-PA’s 52 Small HEPPs Privatization
                                        Project
 PA has concluded individual meetings with the firms submitted bids in the tenders.
               Firms will be invited to make their offers nowadays

IT HAS BEEN learnt that final bargaining invitations would be made to the firms nowadays
in the privatization tenders on Transfer of Operation Right (TOR) of 52 River Power Plants
under 19 Groups owned by the Turkish Electricity generation Corporation (EÜAŞ) by the
Privatization Administration (PA) within the context of the provisions of Law no 4046.

According to information obtained by TEBA, individual bargaining talks with 613 firms in 19
Portfolio Group have been completed by the Tender Commission in the days past. Relevant
sources report that bargaining meetings were made on the basis of their offers in the sealed
envelop and the starting prices for HEPPs have been set by the Tender Commission in the
final bargaining talks.

The same sources report that firms will be invited to final bargaining tours nowadays and
meetings are awaited to be made as from the first week of May one at a time.

As is known, the firms offered the highest prices at the final bargaining tours will apply to
Competition Board and EMRA for approval for completing the transfer procedures.
Following the approval process, the tender results will be forwarded to the Supreme
Privatization Council (SPC). Then the firms will be given 45 days for signing the contract
(TEBANEWS#1457/April 19, 2010).

HEPPs to be Privatized

As is known, for İznik-Dereköy, İnegöl-Cerrah, M.Kemalpaşa-Suuçtu HEPPs 22, for Haraklı-
Hendek, Pazarköy-Akyazı, Bozüyük HEPPs 9, for Kayaköy HEPPs 88, for Kovada I,
Kovada II HEPPs 15, for Turunçova-Finike HEPPs 12, for Anamur, Bozyazı, Mut-Derinçay,
Silifke, Zeynel HEPPs 29, for Bozkır, Ermenek, Göksu HEPPs 54, for Dere, İvriz HEPPs 27,
for Kayadibi HEPPs 61, for Bünyan, Çamardı, Pınarbaşı, Sızır HEPPs 57, for
Değirmendere, Karaçay, Kuzuculu HEPPs 20,for Koyulhisar, Ladik-Büyükkızoğlu
HEPPs 15, for Besni, Derme, Erkenek, Kernek HEPPs 22, for Bayburt, Çemişgezek,
Girlevik HEPPs 54, for Esendal, Işıklar (Visera) HEPPs 30, for Çağ Çağ, Otluca, Uludere
HEPPs 26, for Adilcevaz, Ahlat, Malazgirt, Varto-Sönmez HEPPs 9, for Engil, Erciş, Hoşap-
Zeyne, Koçköprü HEPPs 25, for Arpaçay-Telek, Kiti HEPPs 40 firms have submitted bids.

                  April 26 2010-TCDD’s Tender for the Maintenance
                  Work on the Electrification Systems of High-Speed
                                       Train Line
    The lowest bid of TL 2.5 million was submitted for the tender by Siemens A.Ş.
                        company in the bid opening session

TURKISH State Railways Administration (TCDD) attached to the Ministry of Transportation
received the bids on April 22, 2010 for the maintenance for work on the electrification
systems of the high-speed train line between Sincan-Eskişehir for a period of 12 months.

According to TEBA information, 2 companies submitted bids to the tender and the lowest
bid of TL 2.5 million came from Siemens A.Ş. company in the bid opening session. After the
evaluation work on the bids is completed, result of the tender will be communicated to the
bidder companies and the contract will be signed with the winner by end-June.

Names of the bidders and their bids are presented in the following:

Name of the Company                             Its Bid (TL)
- Siemens Sanayi ve Ticaret A.Ş.                 2,548,455
- Şahin Yılmaz Enerji Ltd. Şti.                  2,816,408

As might be recalled, we informed you earlier that the tender announcement for the subject
maintenance work had been made in the Official Gazette on 19 March 2010, and that the
bid deadline had been set as April 22, 2010 (TEBANEWS#1453/March 22, 2010).
                   April 26 2010-İzmir Metropolitan Municipality’s
                  Project for the Development of Commuter System
                   The lowest bid of TL 43.2 million came from Moskovskıy Metrosroy
                 Açık A.Ş.-Yapı Proje Merkezi Ticaret Sanayi A.Ş. Business Partnership
                  in the bid opening session towards the complementary construction
                    works for 1.Section of 2.Stage of İzmir Metropolitan Municipality’s
                                        Light Rail System Project

BIDS were received by Commuter and Rail Systems Investments Department of İzmir
Metropolitan Municipality on April 21, 2010 in the supplementary construction works towards
the 3.Stage-2.Section Bornova Hastane-Evka 3 stations.

According to TEBA information, 13 companies purchased the specifications and 5 of them
submitted bids. In the bid opening session, the lowest bid of TL 43.2 million came from
Moskovskıy Metrosroy Açık A.Ş.-Yapı Proje Merkezi Ticaret Sanayi A.Ş. Business
Partnership, followed by Sigma İnşaat Turizm İşlt. Ticaret A.Ş.-Borege İnşaat Sanayi ve
Ticaret Ltd. Şti. Business Partnership with TL 43.8 million. Sources close to the subject note
that the finalized tender result will be communicated to the bidders as soon as the
evaluation work is completed. Names of the bidders and their bids are presented in the
following:

Name of the Company                                                                           Its Bid (TL)
Moskovskıy Metrosroy Açık A.Ş-Yapı Proje Merkezi Ticaret Sanayi A.Ş. İş Ortaklığı         43,259,007
Sigma İnşaat Turizm İşlt. Ticaret A.Ş.-Borege İnşaat Sanayi ve Ticaret Ltd. Şti. İş       43,823,879
Ortaklığı
Yertaş İnşaat Tur. Sanayi Mad. Ticaret Ltd. Şti.-Hiperbol İnşaat Pazarlama Ltd. Şti. İş 44,594,741
Ortaklığı
Çelikler Taah. İnşaat ve Sanayi A.Ş.-Ermit Mühendislik İnşaat Sanayi ve Ticaret Ltd. Şti. 46,741,269
İş Ortaklığı
İlci İnşaat Sanayi ve Ticaret A.Ş.–Emre Ray Ltd. Şti. İş Ortaklığı                        49,474,836

As known, Ataç İnşaat+E+M Elektrik JV won the previous construction tender and upon an
objection was raised against the tender result, the tender was cancelled by Public
Procurement Authority. Then, Municipality Administration revised the specifications and re-
announced the tender in the Public Procurement Authority’s bulletin on March 17, 2010
(TEBANEWS#1453/March 22, 2010)

The construction works will be completed in 1 year

Sources close to the subject note that this supplementary construction works cover 1,950
meter long cut and cover tunnel and completion of Aegean University and Evka 3 stations
as well as line works and installation of signaling systems. Construction contract of the
tender is planned to signed in the first half of the year and the construction works are be
concluded in 1 months’ time.

                 April 26 2010-IMF and World Bank Spring Meetings
                                to be Held in the USA
The financing capacity and increasing the right of voting of the developing countries
 are expected to be dwelt upon on priority basis in the course of Spring meetings of
 the IMF and World Bank to be held in Washington, US Capital, on April 24-25, 2010.
  IMF has released the global stability report before the meeting. In the report, the
global financial crisis loss estimation has decreased to USD 2.3 trillion from USD 2.8
                                         trillion

IT HAS BEEN learnt that the Spring Meetings of the International Monetary Fund (IMF) and
World Bank known as two major performer of the global economy, which is organized each
year to be participated by senior officials of many countries and representatives of
international capital groups would be held in Washington, USA on April 24-25, 2010 and the
precautions to be taken towards the global crisis will be dwelt upon the important performers
of the global economy.

The sources close to the subject report that US President Barack Obama will host IMF and
World Bank Spring Meetings to be participated by IMF Chairman Strauss Kahn and World
Bank Group Chairman Robert Zoellic. The meeting to be participated by the leaders of G-20
countries will be attended by the Treasury Delegation headed by the Deputy Prime Minister
and State Minister in charge of economy Ali Babacan will attend as well.

Topic of priority is to improve the financing capacity of IMF and to improve the right
of saying of the developing countries

Noting the main theme of the International meetings will be the global crisis which is defined
as the biggest crisis of recent century hundred years, the same sources report that the after
effects and the precautions to be taken from now on will be discussed, the messages given
by the Presidents of the IMF and World Bank will be followed with great interest and
messages of the developing countries and emerging markets will also be taken.

The same sources further note that the topic of priority in the meetings would be the
increase of the financing capacity of the IMF and of the right of voting of the developing
countries, for this reason, the messages to be given by the representatives of the
developing countries would be of importance.

As it might be recalled, the most important meeting pertaining to the global crisis had been
held in Pittsburg, USA by the leaders of G-20 countries on September 24-25, 2009, hosted
by US President Obama and important decision were taken on the global crisis. Among the
decisions taken, was the increase of quotas of IMF and World Bank. Another support
rendered to countries such as PRC, India, Brazil and Turkey had been the agreement
reached by G-20 towards restructuring IMF for giving more right of voting to some of the
developing countries. Brazil, Russia, India and China had asked the quotas to be changed
of IMF which was 7% and the World Bank which was 6% so as to make the voting right
distribution even between the developed and developing countries
(TEBANEWS#1428/September 28, 2009).

IMF’s global stability report

In the global stability report prepared by the IMF before the meeting and expected to be
dwelt upon in the course of meetings has been publicized in the days past. In the
announcement made by IMF in the report, the losses inflicted by the global crisis on banks
which was estimated to be USD 2.8 trillion in October 2009, has been reduced by USD 533
billion to recede to USD 2.3 trillion.

In the report, it is further noted that the loss estimated to be USD 1.03 trillion in October for
US banks receded to USD 885 billion. The decrease in the loss estimation is stated to be
originated from the rapid recovery of the global economy by the IMF and a warning is made
towards the risks still prevail particularly in the field of public debts of the governments.
IMF has noted in the report that the debt crisis in Greece still continue to affect the markets
and that increased the concerns towards the huge debts in other countries included in the
USA which continued to threaten the banking system in many countries. In the report, it is
further stated that “By the rapid recovery in the economy, the risks inherent in the global
financial stability decreased” and in the close period ahead, the major difficulty to be faced
by the governments will be the budget deficits that should be taken under control.

According to IMF report, the losses originated from the lost credits of the banks in the
course of global crisis decreased 13% to reach USD 1.65 trillion and the losses of banks in
real estate receded 31.3% to USD 629 billion. Damage estimation originated from the lost
credits in the USA decreased 10.1% to USD 588 billion and the losses in real estate
investments receded to 20.2% to USD 296 billion.

In the report, in which IMF worded its concerns towards the realization of these recoveries, it
is noted, “The Housing Sector in the USA is still face to face with downward risks. The
regional banks facing important losses in the housing sector are in need of capital increase”.

IMF has noted that the governments should take definitive steps towards completing the
regulatory rules for the global economy to safeguard more reliable and strong banking
system.

                  April 26 2010-TCDD’s Ankara-İstanbul High-Speed
                               Train Project EIB Credit
  EIB Credit Agreement of €293 million which was signed on December 10, 2009 in
  Ankara has been approved by the Council of Ministers. TCDD awaits answer from
 Treasury Undersecretariat for meeting the payment requests from the subject credit

IT HAS BEEN learnt that the frame Credit Agreement of €293 million signed between
Treasury Undersecretariat and European Investment Bank (EIB) on December 10, 2009 to
be used in TCDD’s Ankara-İstanbul High Speed Train Project has been ratified by the
Council of Ministers some time ago and the EIB Credit would be made available soon.

The sources close to the subject report that for making effective the credit of €293 million
which was approved by the Council of Ministers at the last week of March, official
correspondence has been made between Treasury Undersecretariat and EIB, and the
Credit agreement will be made effective soon.

As it might be recalled, in the most recent news story on the subject we reported that
Treasury Undersecretariat would submit the EIB Credit Agreement of €293 million to the
Council of Ministers for approval and subsequent to Council of Ministers approval the credit
would be made available (TEBANEWS#1443/January 11, 2010).

TCDD awaits answer from Treasury Undersecretariat towards the Credit to be made
effective

Reportedly, TCDD General Directorate awaits the answer from Treasury Undersecretariat
towards the EIB credit takes effect, for starting action towards the payments demands for
the projects at tender stage, to be financed from EIB Credit.

Sources close to the subject report that subsequent to the completion of the official
procedures pertaining to EIB credit usage by Treasury Undersecretariat, the payment
requests will start to be made from the subject credit after TCDD declared the credit is made
available.

                                                                                          nd
TCDD to make credit application first of all towards financing of Ankara-İstanbul 2
Stage and Track Mechanization Machinery Procurement

Same sources further report that 6 projects are set to be financed from the EIB credit of
€293 million and TCDD will first of all apply for the payment requests of İnönü-Vezirhan and
                     nd
Vezirhan-Köseköy 2 Stage contracts within the context of Ankara-İstanbul High Speed
Train Project and of the 22 ea Track Mechanization Machinery Sets Procurement under 7
items, the bids of which were received on April 14, 2010 by TCDD.

As is known, 7 international companies have submitted bids in the Track Mechanization
Machinery Sets Procurement tender conducted by TCDD General Directorate on April 14,
2010 (TEBANEWS#1457/April 19, 2010).

Other sub-projects to be financed with EIB credit of € 293 million by TCDD General
Directorate are as follows.

- Very High Speed Train Depot construction (Behiçbey),

- High Speed Train Line Maintenance-Repair Track Mechanization Machinery procurement,

  rd
- 3 Stage Köseköy-Gebze Railway Construction,

- İnönü-Vezirhan-Köseköy-Gebze Consultancy and Controlling Services,

- EIB Consultancy Services.

Total €293 million credit obtained from EIB will be used as 13 individual tranches, each is
minimum USD 35 million. The payment of the Credit is set to be made on USD. Each
tranche will be paid upon the written request to be made by TCDD. EIB will make the
tranche available within 4 months as from the request of TCDD.

                   April 26 2010-Work towards Amending Electricity
                                 Market Law No. 4628
    Opinions of the institutions towards the draft prepared by MENR is about to be
    completed. MENR is expected to receive and evaluate the opinions of all of the
   institutions and submit the Draft to Parliament before the end of legislation year

OPINIONS of the Public entities and institutions towards the draft amending Electricity
Market Law no. 4628 prepared by the Ministry of Energy and Natural Resources (MENR)
have started to be received.

According to information available to TEBA, first, the opinion of the Privatization
Administration (PA) has been forwarded to the MENR. The relevant sources report that PA
whose proposals towards the privatizations in the distribution and generation sectors added
into the Law, asked some additions to be made towards the privatizations. In the Draft,
envisaging comprehensive changes in the Law, arrangements are brought towards
electricity generation privatizations, ESAs and environment issues and towards the
expropriation procedures of the distribution companies as well.
Furthermore, the relevant sources report that the opinions towards the Draft are being
prepared by the State Planning Organization (SPO) towards many articles of the law. The
same sources note that SPO particularly opposes lifting of the obligation of having
domination over the market over 20% of a firm in a year in the Draft and SPO is expected to
insist on not lifting the subject article.

The same sources note that the article pertaining to separation of Market Financial
Settlement Center (PMUM) from Turkish Electricity Transmission Corporation (TEİAŞ) as an
autonomous entity was opposed by SPO among others and SOEs will require to be founded
under the decision of the Council of Ministers not under the Law. Noting the subject article is
awaited to be opposed by the Treasury, the sources close to the subject report that the
Treasury is not in favor of founding a new SOE to be burden on the budget.

As it might be recalled, we earlier reported that having completed the Draft, MENR officials
has received the awaited approval of the MENR and forwarded the Draft to SPO, EMRA,
Ministry of Finance, Treasury Undersecretariat, Competition Board, Privatization
Administration (PA) and Energy SOEs (TEBANEWS#1455/April 5, 2010).

Draft targeted to be submitted to the Parliament this term

According to information obtained from the sources close to the subject, MENR will consider
and evaluate all of the proposals forwarded by the relevant institutions towards the issue. It
is further noted that MENR will put forward the approved opinions to be further discussed
and after receiving the decisions commonly reached by the institutions on the issues of their
concern, the Draft will be forwarded to the Parliament. Draft is expected to be submitted in
this term to the Parliament, however, because of the tight program of the Parliament, it may
be debated over in the next term.

As is known, in the Draft, the annulment of the auto-producer definition and making the
licensees in the position of auto-producers, the generators, uniting the wholesale and retail
sale licenses under the title of Supply License are among the arrangements made by the
recommendations of EMRA. Furthermore, the license application process is regulated in the
Draft towards the Wind and Solar Energy and definitions within the context of the Balancing
and Settlement Mechanism and preliminary license definition are added into the Law.

                   April 26 2010-New Credit of $500 Million for SEEs
                    from World Bank in the Scope of CAS Program
The 14-year term credit, negotiations for which are being completed by the Treasury,
     will be used by SEEs through Turkish Development and Turkish Industrial
                                 Development Banks

IT IS REPORTED that a new credit line of $500 million will be extended by the World Bank
to meet the financing needs of Small and Medium Size Enterprises (SEEs) in the scope of
the CAS (Country Assistance Strategy) Credit Program in the amount of $7.7 billion to be
extended to Turkey for the 2008-2011 period.

This credit has been set in the amount of $250 million earlier and it has been increased up
to $500 million upon the credit amount of the CAS Program has been risen by $1.5 billion. It
is communicated that the Treasury is about to conclude its negotiations with the World Bank
for the subject SEE credit nowadays, and that this credit will be used by SEEs through the
Turkish Development Bank (TKB) and the Turkish Industrial Development Bank (TSKB).
The subject credit has a 14-year term with a 5-year grace period year

It is reported that this credit line will have a 14-year term with a 5-year grace period and it
will be used to finance the projects of SEEs in Turkey. An agreement for the subject credit is
expected to be signed during the IMF and World Bank spring meetings to be held in
Washington on April 24-25, 2010.

As might be recalled, we informed you earlier that the World Bank Board of Directors had
approved the SEE financing credit of $250 million within the coverage of CAS Program, and
that the credit agreement had been expected to be signed in Ankara. As known, the amount
of the CAS credit to be obtained from the World Bank for the 2008-2011 period had been
increased up to $7.7 billion from $6.2 billion (TEBANEWS#1440/December 21, 2009).

Euro 100 million portion was let use by Halkbank and Euro 100 million by TSKB in
connection with the first SEE project credit in the amount of Euro 200 million, approved by
the World Bank in June 2007. Later, an additional credit of credit of $200 million was
approved by the World Bank in December 2008 (TEBANEWS#1440/December 21, 2009).

                 April 26 2010-STFA Company to Become Bidder for
                            New Doha Port Project in Qatar
    Nine international consortia submitted bids for Qatar’s New Doha Port Project,
      among them STFA is together with two companies from Belgium and Italy

IT IS DELIVERED that STFA, Turkey’s one of the pioneering marine contracting company in
the international market, submitted bid as a consortium with Jan de Nul (Belgium) and
Impregilo (Italy) for the first major construction contract towards New Doha Port Project to
be constructed in Qatar.

The first major construction works of the project includes excavating 58 million cubic meters
of material covering an area of 3.2 square kilometers and building of a 8km-long quay wall
and 15 km-long rubble breakwater. It is noted that News Doha Port Project Steering
Committee aims to finish the first phase of the project in 2014.

The winning consortium will be responsible for the building of an 15-meter-deep approach
channel with a capacity of 2 million twenty-foot equivalent units (TEUs), an 8 to 13.5 meter-
deep harbor basin and berths for vessels from the Qatari and visiting navies.

Nine consortia submitted bids

Nine consortia submitted bids for the first major construction contract of New Doha Port
Project in Qatari. The bidder consortia are listed below.

- Jan de Nul (Belgium)-STFA (Turkey)-Impregilo (Italy)

- Van Oord (Netherlands)-Six Construct (Belgium)-Bam (Netherlands)

- Daewoo Engineering & Const. (S. Korea)-Al-Jaber (Qatar)

- Archirodon Const. (Geneva)-Consolidated Contractors Company (Athens-based)-Teyseer
Contracting (Qatar)
- Hyundai Engineering & Const. (S. Korea)-Boskalis (Netherlands)

- Al-Habtoor Leighton Group (Australia)

- Middle East Dredging Company (Qatar)-Dredging Int. (Belgium)-MT Hojgaard Al-Obaidly
(Qatar/Denmark)

- Qatari Diar Inv. Company (Qatar)-Vinci Const. Grands Projets (France)-Sinohydro (China)-
Redco Int. (Qatar)

- China Harbour Eng. Comp. (China)

                 April 26 2010-Konya Metropolitan Municipality’s Rail
                                   System Project
To the project of extending the existing line, construction of a rail system depot area
  has been added. Approval from the Supreme Planning Council is expected to be
                             obtained in the coming days

EVALUATION work continues on the application made to State Planning Organization
(SPO) in connection with the extension of 19.5+3 km long existing tramcar line in the
direction of Alaaddin-Adana Beltway in the scope of the Konya Light Rail System Project of
Konya Metropolitan Municipality.

According to TEBA information, SPO has approved the construction work be financed with
an external credit and asked a number of additional information be forwarded from the
Metropolitan Municipality. Relevant sources note that this information has been received
and examination work towards the project has reached the final stage, and that to the
extension work of the line for 5.5 km, construction of the depot area has also been added.

According to the latest changes made, the same sources add that total investment
allocation for the project has been set as TL 79 million, and that number of the passengers
to be carried and the fee per capita are being discussed to decide if the project is feasible or
not.

As might be recalled, we informed you earlier that SPO had approved the construction work
be financed with an external credit, and that clearance of the Supreme Planning Council
(SPC) had been awaited for the inclusion of the project in the 2010 Investment Program
(TEBANEWS#1444/January 18, 2010).

SPC’s clearance is expected to be obtained in the coming days

On the other hand, according to the information obtained from the relevant sources,
clearance is expected to be received for the project from the SPC in the coming days. The
same sources note that subsequent to the receipt of the subject clearance, Metropolitan
Municipality will start tender preparations so as to announce the tender by end-2010.

As known, the tender, won by Yapı Merkezi company, held for the new 3.3 km long Light
Rail Metro Line, to have 7 stations, to be constructed in the Alaaddin Keykubat Campus of
Selçuk University. With Yapı Merkezi company a contract valued at YTL 7,059 million was
signed and put into effect (TEBANEWS#1270/August 14, 2006).
                       April 26 2010-EÜAŞ’s Tunçbilek Power Plant
                            Electro-filter Rehabilitation Project
      The tender has been cancelled to be re-announced in connection with the
      rehabilitation of the electro-filters in the 4. and 5. units of the power plant.

IT HAS BEEN learned that elector-filter rehabilitation tender towards the 4. and 5. units of
Tunçbilek Thermal Power Plant has been cancelled by Electricity Generation Corp. (EÜAŞ).

According to TEBA information, 2 companies and/or company consortia submitted bids for
the tender and evaluation work on these bids has been completed recently. Relevant
sources note that bids offered were over the estimated cost and therefore, the Commission
Report was prepared in a way to cancel the subject tender, then the Executive Board took a
decision to cancel the tender, and the bidders were notified accordingly.

As might be recalled, we informed you earlier that in the bid opening session of the tender
the lowest bid of Euro 14.4 million had come from Polish Rafako+Efor Makina Consortium
(TEBA: 1455/5 April 2010).

The tender is expected to be re-announced in the second half of 2010

On the other hand, according to the information obtained from the sources close to the
subject, subsequent to revision of the estimated cost and re-arrangement of the
specifications, the subject tender is expected to be re-announced, probably in the second
half of 2010.

As known, we reported you earlier that, the rehabilitation tender for the 3. unit of Tunçbilek
Thermal Power Plant had also been cancelled on the grounds that only 2 bids had been
received and they were over the estimated cost plus the bid bond of one bid had been
deemed invalid, to be re-announced (TEBA: 1457/19 April 2010).

                   April 26 2010-DSİ’s Baykan Energy Group Project
 A total of 17 companies have applied so as to under take the HEPP project through
             which 300 Million kWh electricity is expected to be generated

IT IS REPORTED that 17 companies have made their application so as to undertake the
Baykan Energy Group Project, opened by State Hydraulic Works (DSİ) for private sector
construction in the scope of the Water Use Right Agreement (TEBA:1454/ /29 March 2010).

According to TEBA information, for the Baykan Energy Group Project, included in “the List
of Applied and Applicable HEPP Projects” apart from Dağlık Enerji company, 16 more
companies have made applications.

Sources close to the subject note that this HEPP has an installed power of 70 MW and it will
generate 300 million kWh electricity per annum on the average. Companies are expected to
show a great interest in this project. On the basis of the timing schedule prepared for this
project, DSİ has collected applications by 18 April 2010 and will receive the Water Use Right
meeting bids in the first half of the year and then, will sign a Water Use Right Agreement
with the company which will offer the highest bid per unit energy of kWh.
Names of the applicant companies for the Baykan Energy Group Project are presented in
the following:

Dağlık Enerji İnş. Prj. Dan. Sondaj. San. ve Tic.

Son Enerji Maden San. ve Tic. Ltd. Şti.

Asil Enerji Ürt. Petrol ve Gaz Sant. Yat. San.

Karen Hes Hidroelektrik Ürt. San. ve Tic. Ltd.

Ahs Enerji Ürt. ve Pazar. Ltd. Şti.

Sumru Enerji Yatırım Ürt. İnş. ve Tic. A.Ş.

Ceysu Dış Ticaret A.Ş.

Petek Enerji Ürt. Tic. ve San. A.Ş.

Ahmet Aydeniz İnşaat Gıda Turz. Tic. A.Ş.

Yılbatu Enerji Mad. Tarım San. ve Tic. Ltd. Şti.

Limgaz Eletrik Ürt. Mad. San. ve Tic. A.Ş.

Soy Enerji Elektrik Ürt. A.Ş.

Haluk Ulusoy Elekt. Enerji Ürt. San. Tic. A.Ş.

Mar-Su Elektrik Ürt. Tic. ve San. Ltd. Şti.

Alden Enerji Elekt. Ürt. Tic. Ltd. Şti.

3m Enerji Elektrik Ürt. A.Ş.

Karaca Tuna Enerji Yat. San. ve Tic. Ltd. Şti.

As might be recalled, we informed you earlier that this project had been opened for private
sector construction and the first applicant had been Dağlık Enerji company. In the same
news story, we further said that the application deadline for this HEPP project had been set
as 18 April 2010 (TEBA:1454/ /29 March 2010).

The HEPP projects included in the scope of the Energy Group

According to TEBA inquiry, the Baykan Energy Group Project is composed of 2 separate
HEPP projects, which are Baykan Dam and HEPP, and Baykan-II Regulator and HEPP.

Characteristic of the Baykan Energy Group Project

Location: Siirt Province
Installed Power (MW): 70

Energy to be generated per annum on the average (kWh): 300,000,000

                    April 26 2010-TCDD’s Ankara-İstanbul High-Speed
                                     Train Project
 Applications were made by 9 companies for prequalification in connection with the
tender of infrastructure and consultancy services tender towards Eskişehir Terminal
                                      Crossing

APPLICATIONS were received by Turkish State Railways Administration (TCDD) on April
21, 2010 in connection with the infrastructure and consultancy services tender of Eskişehir
Terminal Crossing Project in the scope of he Ankara-İstanbul High-Speed Train Project,
construction works for which were started in October 2008 (TEBANEWS#1455/April 5,
2010).

According to TEBA information, for the subject tender the following 9 companies applied to
be prequalified. Sources close to the subject note that evaluation work on the applications
will be completed asap and the prequalified companies will be invited to submit their
technical and financial bids.

- Mega Mühendislik

- Mescioğlu Mühendislik

- Eser Müşavirlik

- Botek Boğaziçi

- Temat Teknik

- Gözlem Mühendislik

- Yüksel Proje

- Emay Mühendislik

- Altınok Mühendislik

                        April 26 2010-Electricity Generation Sector
                                    Privatization Works
Currently, Royalty Model on Service Purchase basis is discussed in the privatization
of the Power Plants. The suitability of this model used by EÜAŞ both form legal and
  technical perspectives increases its chance to be implemented. There will be no
 approach such as dismantling of the Power Plant to be installed a new one, in this
 implementation, only environment and rehabilitation investments condition will be
      involved. Mostly local firms reportedly will get interested in such a model
A MODEL is awaited to be selected soon in the course of works carried out for launching
tenders for the first four power plants within the context of the Electricity Generation Sector
privatization process which is of priority in 2010 Privatization Program of the Government,
conducted by the international consultants assigned by the Privatization Administration
(PA).

Reportedly, PA consultants discussed with the officials of the Ministry of Energy and Natural
Resources (MENR) the implementation of the Royalty model on service purchase basis for
4 power plants to be put to tender first and study the model implemented by EÜAŞ.

As it might be recalled, we earlier reported that the model to be used in the generation
Privatizations were discussed and consultants have proposed to dismantle the old Power
Plants so as to be replaced with the high efficiency new Power Plants and EÜAŞ proposed
to rehabilitate the existing Power Plants to be made use (TEBANEWS#1455/April 5, 2010).

Suitability of Royalty Model both from legal and technical perspectives, increases its
chance to be implemented

The sources close to the subject report that the Royalty model on service purchase basis
which is recently being discussed is more suitable both from legal and technical
perspectives to be implemented that increase the chance of its implementation. EÜAŞ and
TKİ General Directorates have reportedly faced no difficulty in implementing the subject
model until now, that power plants operated by the Private Sector for 20-30 years without
any problem involved as stipulated in the specification arranged on the basis of service
procurement.

If this model is implemented, there will be no need to amend the Mining Law pertinent to
transfer of the mining fields, the mining fields will be rented on Royalty model to Private
Sector and there will be no legal problem involved. Reportedly, when investors buy the
power plants, they will also buy the operation right of unused coal fields under this model.
Thus, coal will be supplied to the Power Plant from this field by the investor and there will be
no need to take over the contracts signed by EÜAŞ with TKİ.

Environment and rehabilitation investments condition to be added

In the implementation of the Royalty Model on service purchase basis, there will be no
condition involved such as dismantling the Power Plant for installing a new one, however,
investors will have to make environment and rehabilitation investments of the power plant to
be bought. Environment and rehabilitation investments will be defined for each power plant
to be operated on service purchase model, the subject investment costs will be included into
the subject model and in case this model is decided to be implemented, the tender
specifications can be prepared in a very short time as the examples are ready.

EÜAŞ favors royalty model on service purchase basis

It is further reminded that EÜAŞ general Directorate favors the Royalty Model on Service
Procurement basis and has already implemented subject model in the investments. The
sources close to the subject report that in the Royalty Model implementation on service
procurement basis, the ownership of the Power Plants are of EÜAŞ and EÜAŞ assigns the
Private Sector to operate its own Power Plants under the leasing contracts.

When the operation period is completed in this model, in other word, the renting term
expired, operation of the Power Plants is to be assumed by the Public again, claim other
sources, and the subject implementation is not a Privatization in real sense.
                       April 26 2010-BOTAŞ’s Tuz Gölü (Salt Lake)
                        Underground Natural Gas Storage Project
   All of the prequalified firms have participated in “Site Seeing Tour” organized by
    BOTAŞ on April 19, 2010. Firms will be asked to forward questions towards the
                           tender after the Information Meeting

THE PREPARATIONS of the firms continue in full speed in the turnkey international tender
launched towards Turkey’s largest capacity Natural Gas Storage Facility to be installed in
Aksaray-Sultanhanı region by BOTAŞ General Directorate.

According to information available to TEBA, all of the prequalified firms have participated in
“Site Seeing Tour” organized on April 19, 2010, in line with the tender specification.
Relevant sources report that the firms have studied the field where the facility will be
installed and collected information for preparing questions.

The same sources note that an Information Meeting has been organized towards tender on
April 20, 2010 by BOTAŞ participated by all of the firms involved. Following the meeting
held by the officials of the entity with the firms, the questions and proposals will be asked of
the firms and the questions received from the firms will be answered by BOTAŞ officials in
the forthcoming days.

As it might be recalled, we earlier reported that the Site Seeing Tour of the tender would be
made on April 19, 2010 and Information Meeting on April 20, 2010 by BOTAŞ General
Directorate and all of the firms were awaited to participate in the Site Seeing Tour
(TEBANEWS#1456/April 12, 2010).

Postponement request not existed at this stage

The sources close to the subject report that no firm asked postponement until now. The
same sources further note that the bidding process is already delayed and the tender will be
carried out in line with the calendar planned, however, in case postponement request is
made by the firms, the issue will be reviewed together with the World Bank.

We remind the prequalified firms invited to tender, the bidding deadline of which is set to be
June 18, 2010 in the following,

- China Tianchen Eng. Corp. (PRC)

- Alsim Alarko+Doğuş İnşaat A.Ş.

- Habau (Austria)+PPS Engineering (Germany)+PSE Engineering (Germany)

- Ukrnaftogazbud CSJC (Ukraine)+Türkerler+İndet İnşaat

- Çalık Enerji

- PJSC Stroytransgaz (Russia)+Güriş

- Öztaş İnşaat+Fernas İnşaat

- Punj Llyod Ltd. (India)+Attila Doğan
                   April 26 2010-TCDD’s Ankara İstanbul High-Speed
                                    Train Project
 For the construction drawings tender in connection with Doğançay-Söğütlüçeşme
     Stage (Adapazarı-İstanbul Northern Crossing), the awaited prequalification
announcement was published. Application deadline for prequalification has been set
                                 as May 13, 2010

TURKISH State Railways Administration (TCDD) published its prequalification
announcement in the Public Procurement Authority’s bulletin on April 20, 2010 for the
construction drawings tender related to the high standard Doğançay-Söğütlüçeşme section
(Adapazarı-İstanbul Northbound Crossing) to serve as an alternative for Köseköy-Gebze
          rd
Section (3 stage) of Ankara-İstanbul High-Speed Train Project.

Companies interested in this tender can obtain the prequalification documents from “TCDD
Merkez Veznesi TCDD Genel Müdürlüğü Zemin Kat” in return for TL 1,000 or examine them
in the Administration’s address.

As might be recalled, work on the construction drawings tender project had been completed.
In the same news story, we further said that upon setting the roadmap to be set for the
Köseköy-Gebze section to be followed, a survey, project and engineering services tender
would be held for this line (TEBA Web Site: October 26, 2009).

Application deadline is May 13, 2010

The application deadline has been set as 14.00 hours May 13, 2010. Prequalification
applications can be delivered to “TCDD Genel Müdürlüğü Malzeme Dairesi Başkanlığı
Toplantı Salonu (1118 Numaralı Oda)” in person or they can be sent by registered mail.

This tender is open for all domestic and foreigner applicants and at the end of the
prequalification process an evaluation will be made and thereafter, 8 prequalified companies
will be set and they will be invited to submit their bids. The invitation letter will be forwarded
to this 8 candidates together with the tender documents.

In this tender, the acceptable similar work component will be survey and project works
related to the High-Speed Railway or Main Railway Line, Motorways and Light system or
metro system works in the scope of “the Engineering and Architectural Design Services
related to the Construction Works” as stated Article-6, Paragraph-2 and Sub-Paragraph-e in
the Regulation for Service Procurement Tenders Implementations. In addition, together with
the route plans (drilling, ground survey, corridor selection, final selection of route etc.), to
have conducted tunnel or viaduct or bridge projects.

Work volume and experience documents

The acceptable documents will be those illustrating the work experience subject to the
tender or similar works in the scope of a contract valued minimum at TL 3,750,000 in the
supervision services related to construction covering the last 15-year period. Total turnover
related to the work volume should be minimum TL 1.5 million in the revenues table of the
previous year, realized portion of the consultancy services going on under commitment or
those completed should be TL 1,375,000, which is accepted to be pre-condition for
prequalification. Those which could not meet these criteria for the previous year, can
present their documents belonging to the last 2-year period.
While it is claimed that the project cost for Doğançay-Söğütlüçeşme section is Euro 4 million
on the average, it is planned to start from Doğançay nearby and be connected with the new
corridor in Söğütlüçeşme; that is, with DLH’s Marmaray Project. Duration of work will be 450
calendar days as from the site delivery.

                 April 26 2010-DLH’s Projects for Bingöl, Şırnak and
                            Hakkari (Yüksekova) Airports
 Announcements will be published one after the other for Bingöl, Şırnak and Hakkari
(Yüksekova) Airports to be put out to tenders in connection with their superstructure
  works. Total of the investments to be made for the superstructure works has been
                      calculated in the amount of TL 127.8 million

IT IS REPORTED that awaited tender announcements will be published by Construction
General Directorate of Railways, Harbors and Airports (DLH) in the coming days so as to
carry out the superstructure works for Bingöl, Şırnak Hakkari Airport Projects to be put out
the tenders in 2010.

According to TEBA information, as known, the infrastructure works for Bingöl Airport were
put out to tender by Bingöl Governorship Accounting Administration in 1995 and the subject
works were completed 50% and they were stopped. On the other hand, work on the
specifications for Şırnak ve Hakkari Airports have been completed in connection with their
superstructure works, which had been announced in 2009. Sources close to the subject
note that the tender specifications have been presented to the Administration for approval
by DLH Construction Department and thereafter, announcement stage will have been
reached upon the approval is obtained.

As might be recalled, we informed you earlier that superstructure works for Bingöl, Iğdır,
Şırnak, Hakkari and Elazığ Airport Projects had been planned to be put out to tenders in the
first half of 2010 and in this scope, DLH would set the priorities of these superstructure
packages and start its work on the specifications accordingly as of end-January
(TEBANEWS#1446/February 1, 2010).

Superstructure works will cost an investment of TL 127.8 million

In the recent estimation work conducted for Hakkari (Yüksekova) Airport included in the
scope of Eastern Anatolian Project (DAP), the cost for this project has been set in the
amount of TL 106.7 million and the total investment towards the superstructure construction
works as TL 50.7 million. Investment for Şırnak Airport, which is another DAP project, in the
amount of TL 39.8 million for the superstructure works and the investment for the total
investment of Bingöl Airport project as TL 66.5 million and the cost for the superstructure
construction works as TL 38 million. These figures illustrate that total cost of the
superstructure construction packages reaches TL 127.8 million.

The highest amount of spending allocation becomes TL 5.6 million for Hakkari Airport
Project reserved for 2010, followed by the allocation reserved for Şırnak Airport Project at
TL 4.1 million and for Bingöl Airport’s superstructures works at TL 4 million. Upon signing
the contracts for these tenders, a spending of TL 13.7 million will likely be made in 2010.

These airports will be built in international standards

According to TEBA inquiry, after these tenders to be funded by the own resources are
published in the Public Procurement Authority’s bulletin, DLH will extend a grace period of
40 days for the preparation of the bids. The infra and superstructure construction works of
the projects are planned to be realized in international standards. These airports will likely
render services for a period of 100 years.

As known, awaited tenders for the superstructure works for Iğdır and Elazığ airports, which
are included in the 2010 Investment Program as well, were announced earlier and the bid
deadline had been set as 25 May 2010 for Iğdır Airport and as 29 April 2010 for Elazığ
Airport.

                      April 26 2010-New Arrangements Concerning
                            Electricity Distribution Companies
 In accordance with the EMRA decision taken, electricity distribution companies will
      prepare 5 year tariffs as of January 1, 2011 and will submit them to EMRA

ENERGY Market Regulatory Authority (EMRA) conducted important arrangements
concerning electricity distribution companies with the decision taken recently.

In accordance with the EMRA Board decision, electricity distribution companies will prepare
long-term 5-year tariffs as of January 1, 2011 and will submit them to EMRA. Related
sources report that companies will prepare their targets for investments, service amounts
and loss-pilferage ratio for 5 years and these figures will be effective once approved by the
Board.

As it is known, Privatization Administration, targeting to complete distribution sector
privatizations until the end of 2010, transferred Başkent EDAŞ to Sabancı Group, Sakarya
EDAŞ to Akcez Group, Meram EDAŞ to ALCEN A.Ş. company in 2009. Studies have been
going on to transfer Yeşilırmak EDAŞ to Çalık Enerji, Çoruh EDAŞ to Aksa Elektrik,
Osmangazi EDAŞ to Yıldızlar SSS Holding, Vangölü and Fırat EDAŞ to Aksa Elektrik,
Çamlıbel EDAŞ to Kolin İnşaat, Uludağ EDAŞ to Limak İnşaat companies.

Arrangements projected in the Energy Market Law towards the distribution
companies

Furthermore, in the Amendment Draft prepared in accordance with the Energy Market Law
no. 4628 and presented to the opinions of the institutions, Ministry of Energy and Natural
Resources determined the activities to be conducted by distribution companies and defined
the method to be followed in inspecting activities to be conducted by the distribution
companies along with operation borders of the distribution system in detail. In accordance
with the amendment, distribution activity is defined as in the following; “Electricity energy
distribution activity is carried out by a distribution company in the area defined in the license.
Distribution Company performs distribution activities or provides performance of these
activities. Distribution Company cannot be occupied with any other activity except for these
activities. Compensating for distribution system losses and illegal electricity energy and
purchasing electricity energy for general public use in street lighting are the exceptions for
this article”.

Distribution companies will be also be in charge of operating distribution facilities stated in
the license, renewal of these facilities, replacement and capacity increase for these
institutions, providing services to all distribution system subscribers who are connected
and/or will be connected to the distribution system in line with the articles of the related
legislation without applying discrimination between the equal parties. On the basis of the
amendment, it will be in charge of providing subsidiary services as per Subsidiary Services
Regulation. Moreover, by projecting that the distribution companies be privatized until the
end of the year, it is targeted that all distribution companies will prepare operating and
investment plans and submit them to the Board in accordance with demand projections
approved by the Board. In conformity with the amendment proposed it is projected that
EMRA be given the authority to approve all operating and investment plans in distribution
regions, the right to inspect whether amendments are made in the plans along with the
implementation approved and if the investments are not conducted within the time specified.
EMRA will execute the necessary implementation. Together with this article planned to be
included in the law, operating borders of the distribution companies will start at the point
where distribution to the system starts and Distribution Company will undertake operation
and maintenance of the facilities and the distribution system.

Moreover, in line with the amendment, private sector distribution companies will be in
charge of amending the existing contract within the time to be determined by the institution
in such a way to meet free competition requirements. Additionally, an arrangement is made
for general lighting principles and it is aimed that companies be responsible for street
lighting for general public use along with the installation and operation of related
measurement systems, except for motorways. Expenses will be paid by the consumers
using the distribution system within the scope of the distribution tariff. Also it is projected that
distribution companies obtain a procurement license valid as of December 31, 2012 and be
responsible for meeting the electricity energy demand of ineligible consumers.

                 April 26 2010-Competition Authority Administration
                 Published A Circular on the Right to Access the File
                           and Protection of Trade Secrets
   “The right to access to the file” in the legal investigations will be granted to the
   parties upon request, the right will be granted only once unless new proofs are
   obtained within the scope of the investigation. Parties will be able to access all
 documents arranged for them along with all the proofs obtained within the scope of
                            “the right to access to the file.”

“The Circular on the Right to Access the File and Protection of Trade Secrets” was
published in the Official Gazette dated 19 April 2010 by the Competition Authority and
became effective.

This Circular determines the terms and principles for enterprises for which lawsuits were
filed because they violate the Competition Law to access the files comprised of information
and documents obtained throughout the investigation process. Furthermore, terms and
principles for protection of information and documents obtained through the application of
the Law on Protection of the Competition and classified as trade secrets are included in the
Circular.

In accordance with the Circular, the right to access to the file in the legal investigations will
be granted to the parties upon request, the right will be granted only once unless new
proves are obtained within the scope of the investigation. Managers or employees of an
enterprise or a union of enterprise for which administrative fine is demanded in line with the
related article of the law will be given the right to access to the file.

Parties will be able to access all the documents arranged for them along with all proofs
obtained within the scope of the right to access to the file and ask for copies of the proofs.
Requests to access to the file will be evaluated by the Investigation Board. If the request is
approved the method, time and other issues concerning accessing the file will be notified in
writing.

Regulation concerning commercial secrets

Information and documents concerning contract, agreement, conciliation and acts, which
violate the legislation of the Competition Law, will not be considered as commercial secrets
even if there is a possibility for enterprise or its competitors to be harmed if revealed. If the
Competition Authority accepts the request towards the confidentiality of the trade secrets,
they will not be revealed.

Articles concerning the access to the file will be applied by analogy as well for merger and
transfer issues investigated by the Competition Authority together with gaining immunity
again as long as it is appropriate by their nature. Articles included in this Circular related to
the trade secrets will be implemented by analogy for other confidential information with
regard to information which is not a trade secret; however, can cause significant harm for
the related parties or third parties as long as it is appropriate by their nature.

                       April 26 2010-TCDD’s Electrical Locomotives
                                   Procurement Project
  International tender is awaited to be subject to heated competition among Chinese,
 South Korean Rotem and EU companies. Reportedly, Chinese firm which submitted
 the lowest price in the previous tender however, disqualified because of the letter of
     counter guarantee and South Korean Rotem which submitted the lowest price
                     prepare fro submitting the lowest prices again

IT IS OBSERVED that international firms started preparations towards the 80 Electrical
Locomotives procurement tender which was launched by TCDD General Directorate some
time ago with the deadline of June 24, 2010.

The sources close to the subject remind that the tender to be financed with Islamic
Development Bank (IDB) credit, is open to all firms throughout the world and despite 3
international tenders launched by TCDD General Directorate in recent 10 years for the
procurement of Electrical Locomotives, no result could be achieved as it is the case in the
Nuclear Power Plant Project. The same sources further note that in the tender to be
conducted now, Chinese, South Korean and European Union (EU) firms will compete as it
was the case in the tender held on April 18, 2007, which was subject to heated competition
between Chinese and South Korean firms and was cancelled by the Public Procurement
Authority (PPP) after a scrutiny.

As it might be recalled, in the most recent news story on the subject we have furnished the
major technical and financial criteria of the tender launched by TCDD for the procurement of
80 Electrical Locomotives (TEBANEWS#1457/April 19, 2010).

Chinese CSR Zhuzhou and South Korean Rotem awaited to compete

Chinese CSR Zhuzhou and South Korean Rotem which engaged in a heated competition in
the 80 Electrical Locomotives procurement tender of TCDD General Directorate, the bidding
deadline of which was April 18, 2007, is expected to compete for submitting the lowest price
again in this tender.
In the 80 Electrical Locomotives procurement tender, the bids of which were received by
TCDD on April 18, 2007, the unit prices offered by Chinese and South Korean firms were
almost equal. Chinese Group has offered unit price of €2 million 700 thousand, South
Korean Rotem, €2 million 730 thousand. The only difference was about the price of the
simulator, for which Chinese Group offered €1 million 826 thousand, Rotem €3 million 606
thousand (TEBANEWS#1304/April 23, 2007).

German Siemens may come out with a surprise price

German Siemens which is determined to maintain its existence in the electrical locomotive
market in Turkey and targeted to have a license share from the export to be made to the
Middle East, will reportedly participate in the competition and may come out with a surprise
price.

As is known, German Siemens had submitted locomotive unit price of €2 million 940
thousand and a difference came out by 8% with the offer of Chinese firm which submitted
the lowest price in the tender (TEBANEWS#1304/April 23, 2007).

Chinese group had objected the tender because of the incomplete documents

Chinese Group which was disqualified because of inappropriate price offer which submitted
incomplete documents in the tender in respect of the specification prepared by CER
Department of TCDD headed by Turgut Kumaş, has objected to the tender result. In the
assessment process of the TCDD General Directorate, reminded the sources close to the
subject, Chinese Group has asked explanation towards some of the documents and the
information and documents were asked twice to the Chinese Group
(TEBANEWS#1323/September 3, 2007).

French Alstom group has renounced to participate in the subject tender at the very last
moment and did not submit bid. The relevant circles report that French Alstom group still
has some reservations and decision towards participating in the tender will be given in the
forthcoming days.

                   April 26 2010-Rehabilitation Project for ASAT
                 Antalya Sewerage System Construction and Water
                                     Network
Bid deadline has been set as May 25, 2010 for the World Bank funded tender towards
  Sewerage and Household Connections Construction Works in Konyaaltı Region

MUNICIPALITIES BANK (İller Bankası) made a World Bank funded international tender
announcement in the Official Gazette on April 19, 2010 in the scope of the Municipal
Services Project towards Sewerage and Household Connections Construction Works in
Konyaaltı Region in connection with the Rehabilitation Project for ASAT Antalya Sewerage
System Construction and Water Network.

Companies interested in this tender can obtain the specifications from the following address
in return for TL 400. The fee for the specifications is to be deposited with “Antalya Su ve
Atıksu İdaresi Genel Müdürlüğü Vakıflar Bank 100. Year Branch (Branch Code: 313), TL
Account No. TR63 0001 5001 5800 7292 3154 42, having written the reference number of
ASAT W13/A44. The subject tender will be held through the World Bank procurement
basics and procedures with the method of National Competitive Bidding - NCB).
Bids will be received on May 25, 2010

The subject tender will be held at 14.15 hours on May 25, 2010 at the following address,
Floor-3, Meeting Hall. Letters of bid to be prepared in line with the specifications can be
delivered to the same address no later than 14.00 hours. Bidder companies are also
required to submit bid bonds corresponding minimum to 2% of their bids. An information
meeting will be made for the tender at in the Meeting Hall where the tender will be held
11.00 hours on May 4, 2010.

ALDAŞ Altyapı Yönetim Danışmanlık Elektrik Enerjisi Üretim Hizmetleri Sanayi ve
TicaretA.Ş.

Liman Mahallesi, 2. Cadde, No: 11, Kat 2, Oda No: 203

Antalya 07070, Türkiye

Tel: + (90) (242) 259 32 16 – 17 – 18

Fax: + (90) (242) 259 32 20

İşveren Temsilcisi: Kıvanç B. KUZAY (Genel Md.), e-mail: kuzay@aldas.com.tr




                   April 26 2010-Amendment Made to the Balancing
                          and Settlement Regulation by EMRA
 Completion period has been extended to December 31, 2010 in connection with the
 work on establishing the infrastructure for the guarantee mechanism and making it
                                     functioning

ENERGY Market Regulatory Authority (EMRA) published its “Regulation Making an
Amendment to the Electricity Market Balancing and Settlement” in the Official Gazette on
April 17, 2010.

According to the amendment made to the Regulation, work on the establishment of the
infrastructure for the guarantee mechanism and making it functioning towards the
expression of ' Within 12 months after the Regulation is published” is completed has been
amended as “'by December 31, 2010”.

Accordingly, by the time the infrastructure is established for the guarantee mechanism and it
gains functionality, providing no guarantee by the market participants will not cause any
obstacle for their participation in the relevant organized wholesale electricity market
activities. Provision of no guarantee will not remove payment obligations towards the
activities referred in the Regulation related to the market participants and those who are
responsible for balancing.

                  April 26 2010-Antalya Airport New Domestic Lines
                      Terminal of 45 Million Passenger Capacity
                                     Inaugurated
 Transportation Minister Binali Yıldırım, “Turkey continues to proceed in civilization
     road by the divided roads, railways, airways and motorways in the field of
                                   transportation.”

   IC Holding Executive Board Chairman İbrahim Çeçen, “Antalya Airport became
second biggest airport of Turkey with its physical structure, high passenger capacity,
               number of in and out tourists and tourism revenues.”

DOMESTIC Lines Terminal at Antalya International Airport which was constructed anew by
IC Fraport (ICF) has been inaugurated at a ceremony participated by Prime Minister Recep
Tayyip Erdoğan, Transportation Minister Binali Yıldırım and Culture and Tourism Minister
Ertuğrul Günay on April 17, 2010.

Having delivered a speech at the ceremony, Transportation Minister Binali Yıldırım has said
that a divided highway of 50 km along Kemer-Tekirova which was a “road of suffering”
connecting Antalya to Western coast has been inaugurated with the new Domestic Lines
Terminal.

Minister Yıldırım, “Turkey continues to proceed rapidly in the way of civilization in full
determination”

Minister Yıldırım said, “we encircled Turkey with the divided highways from one end to
other. 63 provinces are connected with the divided highways from east to West, from North
to South. Turkey continues to proceed in the way of civilization with the divided roads,
railways, airways and motorways in the field of transportation.”

German Ambassador to Ankara Eckart Cuntz has noted in his speech delivered at the
ceremony that millions of Germans entered Turkey through Antalya Airport and said,
''Turkey has a developing potential. Turkey is a very rich country with the natural beauties,
ancient monuments and piece of arts of thousand year''.

“Antalya Airport became second biggest airport of Turkey with our investment”

in his speech delivered at the ceremony, IC Holding Executive Board Chairman İbrahim
Çeçen has said that at Antalya Airport Domestic Lines Terminal, which was constructed
anew by demolishing the old one, services at better quality would be rendered. In return to
the condition of enlarging Domestic Lines Terminal by 30% in the contract, said Çeçen, we
wanted to build a contemporary and brand new terminal building in Antalya and added,
“Antalya Airport became one of the most prominent airports of Europe and second biggest
of Turkey with its physical structure, high passenger capacity, number of in and out tourists
and tourism revenues by our investment”.

Airport passenger capacity reached 45 million

As is known, Antalya Airport’s new Domestic Lines terminal has been completed in about 11
months with an investment cost of €100 million by ICF Airport company which bought its
operation right until 2024. Under the new arrangement, the service area of the airport
                                                              2                     2
Domestic Lines terminal has increased to 35 thousand 600 m from 20 thousand m ’den 35
          2
bin 600 m , four passenger bridges, an open parking lot in front of the Domestic Lines
building and an apron. By the new terminal, the passenger number handling at the airport
has reached 2 thousand 200 from 800 per hour. The annual in and out passenger capacity
has increased to 45 million passenger capacity at Antalya Airport and this year the number
of passengers is expected to exceed 20 million.
As is known, in the most recent news story on the subject we reported that İçtaş-Fraport
Joint Venture has been awarded with the tender of Antalya Airport’s all terminals on
Transfer of Operation Right (TOR) on September 14, 2007 of State Airports Administration
(DHMİ) General Directorate subordinated to the Ministry of Transportation
(TEBANEWS#1309/May 28, 2007) and assumed the construction of the new Domestic
Lines terminal building at the airport under an annex contract signed on January 20, 2009.
In the same news story we further reported that the terminal building of €100 million
investment cost would be completed in the first half of 2010 (TEBANEWS#1393/January 26,
2009).

                  April 26 2010-DSİ’s Karasu Dam and HEPP Project
         Bid deadline has been set as 15 May 2010 for the 22 MW HEPP Project

IT IS REPORTED that the bid deadline has been set as 15 May 2010 for the Karasu Dam
and Hydroelectric Power Plant (HEPP) project, opened for private sector applications by
State Hydraulic Works (DSİ) in the scope of the Water Use Right Agreement.

According to TEBA information, DSİ has completed its work on including the Karasu Dam
and HEPP project in “the List of Applied and Applicable HEPP Projects” and obtained
authority clearance for the subject project to be put out to tender, for which the first applicant
became Yüksekova Enerji company so as to undertake the project.

As might be recalled, we informed you earlier that DSİ received no application for this
project opened for private sector construction earlier by 14 April 2010 (TEBA:1457/ 19 April
2010).

Great interest is expected to be shown in Karasu Dam and HEPP Project

Sources close to the subject note that installed power of this HEPP is 22 MW and it will
generate 57million kWh electricity per annum and a great interest is expected to be shown
for this project by the companies.

According to the timing schedule prepared for the project, subsequent to the receipt of
applications for the project by 15 May 2010, bids are planned to be collected latest by the
second half of the in the Water Use Right meeting to be held. DSİ will sign a Water Use
Right Agreement with the company which will submit the highest bid in the bid opening
session of the meeting per unit energy of kWh.

Characteristic of the Karasu Dam and HEPP Project

Location: Hakkari Province

Installed Power (MW): 22

Energy to be generated per annum on the average (kWh): 57,000,000

				
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