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Written by TACCI Admin   
Thursday, 25 September 2014 18:31

Brach Eichler LLCrepresented by Mr. Riza Dagli, has become a General Member of TACCI.

With offices in New Jersey and New York, Brach Eichler LLC is a multidisciplinary law firm founded and operated to serve the needs of their clients. Practice areas include Litigation, Health Law, Real Estate, Business Transactions & Financial Services, Trusts & Estates, Criminal Defense and Government Investigations, Employment Services,  Environmental & Land Use, Family Law, Patent, Intellectual Property & Information Technology and Tax.

Address: 101 Eisenhower Pkwy,
              Roseland, NJ 07068
Phone:   (973) 403-3103
Faks:     (973) 618-5503


Last Updated ( Thursday, 25 September 2014 18:32 )
Written by TACCI Admin   
Thursday, 25 September 2014 18:29


Karabulut & Yasosky LLP, represented by Mr. Erdinc Karabulut & Tom Yasosky, has become a General Member of TACCI.

Karabulut & Yasosky LLP is a full service CPA firm. Karabulut & Yasosky LLP provides a full range of accounting and tax services to clients in a wide range of industries. Karabulut & Yasosky LLP takes pride in giving its clients the assurance that the personal assistance thet receive comes from years of advanced training and experience. Karabulut & Yasosky LLP continually provides innovative solutions for their clients to help them achieve their personal and business financial goals

Address: 318 Clifton Ave. Clifton, NJ 07011
Phone:   (973) 772-3363
Faks:     (973) 772-3365

Last Updated ( Thursday, 25 September 2014 18:30 )
TANAP: Crucial Project for the European Union PDF Print E-mail
Written by TACCI Admin   
Tuesday, 23 September 2014 19:24


The shared dream of a giant natural gas pipeline came true on Saturday in Baku with the attendance of leading figures from countries and the companies who participated in the project.

The groundbreaking ceremony for the Trans-Anatolian Natural Gas Pipeline (TANAP), which will carry gas from Azerbaijan to Europe via Turkey, was held in Baku on Saturday. Experts believe that the project has great importance in terms of Europe and Turkey's energy security. The pipeline is planned to pump 16 billion cubic meters (bcm) of gas per year, 6 bcm of which will be designated to Turkey's domestic consumption.

TANAP project managers say that the pipeline will transfer 31 bcm of gas and Turkey - the ninth biggest gas importer by 45 bcm per year - has a right to increase its share to 21 bcm per year when the pipeline starts to function with full capacity by 2023. Energy specialists forecast that Turkey's total gas consumption will reach 70 bcm per year in 2020.

Speaking to Daily Sabah, Ibrahim Palaz, a veteran energy expert at the Istanbul-based think tank Caspian Strategy Institute, noted that TANAP is quite an important project for Turkey and Azerbaijan, but it is a crucial project for the European Union whose natural gas demand has been increasing and is expected to increase more in the future. "Even if the latest conflict between the EU and Russia, the top gas supplier to the EU, is left out of the equation, European countries are still in need of new energy routes enabling them to diversify energy suppliers, which is the most vital issue of energy politics,"Palaz said.

Underlining that TANAP has been on the agenda of Turkey, Azerbaijan and the EU long before the political crisis between the EU and Russia regarding the Ukraine crisis, Palaz remarked that TANAP will not only provide gas, but will also provide security to the countries it passes through. "Turkey, a country which lacks hydrocarbon sources, is obligated to be become an energy transfer route to have a say in global energy politics. TANAP is the second step taken for this cause. The first one was the Baku-Tbilisi-Ceyhan crude oil pipeline, which enables Azeri oil to reach the global market," Palaz said.

According to Palaz, Turkey will not make a direct economic gain in the short term, but when the transfer capacity increases and reaches 31 bcm Turkey is expected to yield around $2-3 billion (TL 4.47-6.70 billion) per year from the transfer fees.

Kenan Yavuz, CEO of SOCAR Turkey - a local branch of the state-owned Azerbaijani SOCAR company that holds the majority stake in the project - told Daily Sabah that the latest ceremony held on Sept. 20 in Azerbaijan was to celebrate the initiation of the Shah Deniz II gas reserve field to pipeline route. "TANAP is a $45 billion project which is being carried out by Turkey and Azerbeijan's efforts. With the groundbreaking ceremony Turkey sealed the fact that it is a strategic energy player in the region. As it is known, Turkey's state-run oil and gas company TPAO is the second largest partner in the Shah Deniz II field where the gas is to be extracted and sent through the TANAP line.

In May 2014, Turkey's TPAO purchased the assets of French oil and gas giant Total for $1.5 billion which used to hold 10 percent in the Shah Deniz II field and increased its share in the field to 19 percent. TPAO also holds a 30 percent stake in the pipeline. Turkey has become a key player in the region thanks to its latest regional energy policies,"Yavuz said.

Highlighting the EU and Turkey's increasing energy demand, Yavuz further stated that uncertainties that emerged due to the Ukraine crisis brought energy security issues into question and supplier diversity has become the top item on the energy agendas of countries in the region. "The project is a matter of security for the EU," the CEO said.

Yavuz also stated that TANAP will pave the way for other large energy projects in the region. "Governments and companies will benefit from the experience of TANAP, which I would I like to call the Silk Road of energy," Yavuz concluded.

Istanbul: One More Step To Become a Global Financial Center PDF Print E-mail
Written by TACCI Admin   
Tuesday, 16 September 2014 17:01

'Istanbul is ready to become a finance hub'

Turkey's Deputy PM responsible for the economy Ali Babacan, Turkish Finance Minister Mehmet Şimşek, Governor of Turkish Central Bank Erdem Başçı and Vice Chairman of the NASDAQ OMX Group, Sandy Meyer Frucher gathered in Istanbul on Monday for the fifth Istanbul Finance Summit (IFS), a two day meeting to discuss innovation.

Chairman of MRL Corporation and Independent Energy Expert, Cornelia Meyer, CEO of Bahrain-based International Investment Bank, Aabed Al-Zeera, Kazanah Basional Berhad's chairman, Mohd Izani Ghani and Kazakhistan Central Bank's vice-president Kuat Kozhakhmetov are among the attendees.

Deputy PM Ali Babacan made statements over the current topics on Tuesday and stated that İstanbul Finance Center (IFC) is more than a real estate project along with 25 other transformation projects in İstanbul, and the action plan regarding IFC will be announced in the end of October.

Babacan also commented on lease certificate issues recently started by private sector and stated his support for interest free finance and capital tools.

Istanbul with its regulated markets and structure, is a candidate to become a global financial center, said Cornelia Meyer, renowned international economist on Monday at Istanbul Finance Summit (IFS).

"Global financial centers should constantly improve their products and invest in innovation. İstanbul is a city ready to become a finance hub," Meyer said. "Strengths in culture and diversity of the city should be emphasized in order for Istanbul to become an effective financial center."

The head of Borsa Istanbul, Ibrahim Turan said in his opening speech, "the issue of the next decade will be funding the investment in developing countries that is over $12.5 trillion. Seven of every ten companies will start up in developing countries until 2025 according to projections."

"The issue of the next decade is how to find finance of this $12.5 trillion gap," Turan said.

Turan emphasized that developing countries need to invest more in order to close the gap with the developed nations and to contribute to global progress.

"This summit will contribute to Istanbul becoming an international finance center," Professor Murat Yulek, chairman of the summit advisory board, said.

The President of Turkish Exporters Assembly Mehmet Büyükekşi said that "innovative finance requires development of sustainable methods. We believe the importance of innovative financing in development same as innovation."

"İstanbul, with the opportunities it presents, historical background and diversity, is ideal to become a financial center," added NASDAQ OMX vice-chairman Sandy Meyer Frucher. "İstanbul holds a strategic location between Europe and Asia making it regional financial center."

Frucher also said "Turkey should benefit from its connection to the Islamic world by attracting Islamic financial instruments".

Financial and economic experts around the world have gathered for a two-day summit in Istanbul in order to discuss innovative finance.

The summit hosts leading representatives of global financial markets and senior executives of financial institutions from North America, Europe, the Gulf Region and East Asia.

The main topics include investment banking, venture capital funds, angel investment and innovation finance, innovative tools and infrastructure financing methods and financial centers.

The event is sponsored by the Turkish Central Bank, Borsa Istanbul and the Secretariat of the Treasury and Anadolu Agency as the global communications partner for the second year.


BSH Expansion and Investment in Turkey PDF Print E-mail
Written by TACCI Admin   
Monday, 15 September 2014 16:17

BSH to double production capacity in Turkey 

Dünya – German white goods and home appliances manufacturer BSH is planning to double its production capacity in Turkey, according to a company executive.

Speaking to the Turkish press at IFA 2014 event in Berlin, BSH’s Chairman of the Board of Management, Karsten Ottenberg, said that the company’s investments in Turkey to date have reached EUR 1 billion. “Turkey holds immense potential with its large domestic market and export capabilities. BSH will speed up its investments in Turkey, its third largest market in terms of turnover following Germany and China”, Ottenberg said.

BSH Turkey CEO, Norbert Klein, speaking at the same event, said that the annual capacity of BSH’s production plants in Turkey will nearly double to 8 million units up from its current 4.5 million in the next 5 years. “Extending the innovation and R&D capabilities of BSH Turkey will be the priority”, he noted.

BSH employs over 5,000 people in Turkey, using Cerkezkoy, Tekirdag production site as a supply base for the company’s exports to markets in Western, Central and Eastern Europe and the Middle East.

Last Updated ( Monday, 15 September 2014 16:20 )

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