Energy news from Türkiye
- TPAO ''The first issuance under the USD 4 billion sukuk programme, announced in November 2025 by H.E. Alparslan Bayraktar, Minister of Energy and Natural Resources of the Republic of Türkiye, and planned to be implemented by Türkiye Petrolleri Anonim Ortaklığı (TPAO), has been launched with a USD 1 billion issuance announced to international markets on 23 February 2026.
- TPAO Successfully Issues USD 1 Billion 5-Year Sukuk in International Markets
- Turkish Petroleum Corporation (TPAO)
TPAO ''The first issuance under the USD 4 billion sukuk programme, announced in November 2025 by H.E. Alparslan Bayraktar, Minister of Energy and Natural Resources of the Republic of Türkiye, and planned to be implemented by Türkiye Petrolleri Anonim Ortaklığı (TPAO), has been launched with a USD 1 billion issuance announced to international markets on 23 February 2026.
During the two-day roadshow process, investors from 55 countries across Europe, the Gulf, Asia and the United States were reached, and comprehensive presentations were delivered to investor institutions regarding TPAO's financial outlook, the Sakarya Gas Field and Gabar projects, as well as the structure of the sukuk issuance. Following the strong investor interest generated during the roadshow, the transaction was priced at 6.30%. Demand reached 7.3 times the initial issuance size of USD 750 million, and due to the substantial interest from investor institutions, the issuance size was increased to USD 1 billion, marking a significant achievement.
The sukuk issuance was carried out with Kuveyt Türk Yatırım acting as financial advisor, and KFH Capital, Emirates NBD Capital and Standard Chartered Bank serving as Global Coordinators. Abu Dhabi Commercial Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq, Sharjah Islamic Bank and Warba Bank participated in the transaction as Joint Lead Managers (JLM).
With a total size of USD 1 billion, this issuance has been recorded as the largest corporate sukuk transaction ever executed in Türkiye. In addition, TPAO has achieved a historic milestone by becoming the first public enterprise in Türkiye to complete such a transaction. The sukuk issuance represents a strategic success both in terms of reaching an order book size of USD 5.5 billion and ensuring demand depth by attracting 165 international investor institutions. The successful completion of this first sukuk issuance process is of critical importance in strengthening TPAO's position in international capital markets and serving as a benchmark for future financing transactions. The strong pricing outcome and high level of investor interest clearly demonstrate confidence in TPAO's financial outlook, institutional capacity, and Türkiye's strategic energy projects.
As TPAO, we will continue to add value to our country and advance our investments in line with the goal of energy independence for Türkiye, supported by the alternative financing structure strengthened through our international sukuk issuance.''
Energy News From Türkiye
energy news from türkiye - enerji ekonomisi
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