Post on 05-Jan-2016
transcript
Prime Ministry Privatization Administration
Privatization in Turkey
Ahmet Aksu
June 11, 2010
www.oib.gov.tr
Introduction Approximately $ 40 billion has been accrued since 1985
There are currently 13 companies in the privatization portfolio in addition to other entities in the program; whose privatization implementations are undertaken by the Privatization Administration
Major privatization implementations are ‘electricity distributions, generation, and natural gas distribution projects in 2010.
Turkish privatization program did not halt due to the global economic crisis.
2
www.oib.gov.tr
Almost 80% of all privatization revenues were accrued between 2004-2009
29 131486 244 423 568 412 515 292 466
1,020
38
2,717
120536
187
1,283
8,2228,096
4,259
6,296
2,274
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
1985–1988
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
(US$m)
%
21
$8.2 billion $30.4 billion
%
793
www.oib.gov.tr
Major Companies and Entities in the Privatisation Portfolio
Percent of share belonging to Privatization Administration
Administration leads
privatization of key enterprises
in Turkey
1 License will be granted to operate the national lottery games2 PA currently leading the privatization without owning the shares3 Privatization studies undertaken under law 406SOURCE: Privatization Administration
Companies under the Administration Program
Banking Sugar industries Electricity distribution
Retail Turkish Airlines Maritime transportation
Tobacco and salt production
Copper mines Floor tiles & cement pipes
Petrochemical Sugar industries Natural gas distribution
75 100 100
100 49 100
100 100 56
10 10 80
Companies to be privatized under
special legislation
National lottery games1
Toll motorways2
Telecoms3
Electricity generation2
TCDD Ports2
32
xx
4
www.oib.gov.tr
COMPANY METHOD REVENUE
BANDIRMA PORT TOR 175.500.000 $
SAMSUN PORT TOR 125.200.000 $
TTA İZMİR KONAK IMMOVABLE ASSET SALE 4.994.000 $
TTA AYVALIK SALT PLANT BLOCK SALE 6.000.000 $
TTA ÇAMALTI SALT PLANT BLOCK SALE 76.660.000 $
TTA ANKARA IMMOVABLE TOR 20.000.000 $
TTA İZMİR KARŞIYAKA IMMOVABLE TOR 24.534.000 $
OSMANGAZI DISCO BLOCK SALE (TOR) 485.000.000 $
TOTAL 926.354.897 $
Major Closed Privatization Implementations, 2010
www.oib.gov.tr
Ongoing Privatization Implementations - I
25.03.201025.03.2010
6
NAME IMMOVABLE /SHARE BIDDING DEADLINE
Sümer Holding A.Ş. -Balıkesir Immovable 25.06.2010
(TCDD) State Railway
-Mersin/Kemalpaşa Immovable
-Denizli/Koyunaliler Immovable
-İstanbul/Başakşehir Immovable
-Balıkesir/Akçay Immovable
25.06.2010
Treasury of Finance-Muğla/Bodrum Immovable
-İstanbul/Maltepe Immovable 25.06.2010
State Supply Office -İzmir/Konak Immovable
-İstanbul/Üsküdar Immovable
25.06.2010
www.oib.gov.tr
Ongoing Privatization Implementations - II
25.03.201025.03.2010
7
NAME IMMOVABLE /SHARE BIDDING DEADLINE
Boğaziçi El. DisCo % 100 Share 22.07.2010
Dicle El. DisCo % 100 Share 22.07.2010
Gediz El. DisCo % 100 Share 22.07.2010
Trakya El. DisCo % 100 Share 22.07.2010
Iskenderun Port TOR for 36 years 04.08.2010
Başkent Natural Gas Distribution %80 Share 19.07.2010
www.oib.gov.tr8
Due Recievables - I
Tender Date Bid Price Buyer Status
Group C Portfolio Sugar Factories 08.12.2009 606.000.000
AK-CAN Şeker Sanayii
Negotiations are finalized. Stay order decision
Aras El. DisCo 25.09.2008 128.500.000Kiler Alışveriş
HizmetleriTender process is finalized.
Stay order decision.
Çoruh El. DisCo 06.11.2009 227.000.000 Aksa Negotiations are finalized.
Çamlıbel El. DisCo 18.02.2010 258.500.000 KOLİN Negotiations are finalized
Yeşilırmak El. DisCo 06.11.2009 441.500.000 Çalık Negotiations are finalized.
Fırat El. DisCo 18.02.2010 230.250.000 Aksa Negotiations are finalized
Uludağ El. DisCo 18.02.2010 940.000.000 LİMAK Negotiations are finalized
Vangölü El. DisCo 18.02.2010 100.100.000 Aksa Negotiations are finalized
www.oib.gov.tr9
Due Recievables - II
Tender Date Bid Price Highest Bidder Status
TTA Immovable Istanbul/ Paşabahçe
15.06.2009 202.067.000
Hasan Sever JVG
PHC Decision in place- Additional time given for
the SPA
TTA Immovable Izmir/ Alsancak
18.03.2009 8.704.119 İzmir JVG
Negotiations are finalized. Stay order
decision due to change in land registry
www.oib.gov.tr10
Due Recievables - III
Tender Date Bid Price Highest Bidder Status
Derince Port 12.09.2007 195.250.000 Türkerler JVG Council of State opinion on the concession agreement has arrived
www.oib.gov.tr11
Due Recievables - IV
Tender Date Bid Price Highest Bidder Status
(TCDD) State Railway
İzmir/Konak Immovable
24.02.2010 12.280.000 $ Konya Yıldızı Un Gıda İnşaat
Alüminyum San. Ve Tic. Ltd. Şti.
The agreement will be signed in June 2010.
Treasury of Finance
Karaağaç Immovable
08.03.2010 3.300.000 $ Şah Gayrimenkul Yatırım İnşaat Tic. Ltd. Şti.
PHC Decision awaited.
Sümer Holding A.Ş. Adıyaman Immovable
02.04.2010 1.267.000 $ Abuzer Canan Dereci
PHC Decision awaited.
www.oib.gov.tr12
Due Recievables - V
Group Tander date Highest Bidder Bid Price ($) Status
Group 1İznik-Dereköyİnögöl-CerrahM.K. Paşa-Suuçtu
04.05.2010 Kent Solar Elek. Ür. San. Tic. A.Ş.
6.600.000 Negotiations are finalized.Competition Board decision awaited
Group 3Kayaköy
05.05.2010 Nema Kimya-Espe OGG 17.411.500 Negotiations are finalized
Competition Board decision awaited
Group 9Kayadibi
06.05.2010 İvme Elekt. Elektromekanik Ot. Sis.
San. ve Tic. Ltd. Şti.
7.644.000 Negotiations are finalized
Competition Board decision awaited
Group 14BayburtÇemişkezek Girlevik
07.05.2010 Boydak Enerji Üretim ve Tic. A.Ş.
29.050.000 Negotiations are finalized
Competition Board decision awaited
Group 15EsendalIşıklar-Visera
10.05.2010 Demistaş Doğu Elk. Mak. İnş. San. Ve Tic. A.Ş.
6.550.000 Negotiations are finalized
Competition Board decision awaited
www.oib.gov.tr13
Due Recievables - VI
Group Tander date Highest Bidder Bid Price($) Status
Group 19Arpaçay-TelekKiti
11.05.2010 Kisan İnş. Müh. San. ve Tic. A.Ş..
14.700.000 Negotiations are finalizedCompetition Board decision awaited
Group 2Taraklı-HendekPazarköy-AkyazıBozüyük
12.05.2010 Sarar Giyim Tekstil San. Tic. A.Ş.
5.775.000 Negotiations are finalizedCompetition Board decision awaited
Group 5Turunçova-Finike
12.05.2010 Fides Reklam Enerji Hiz.Lojis.
Tur. San. Tic. A.Ş..
2.760.000 Negotiations are finalizedCompetition Board decision awaited
Group 17AdilcevazAhlatMalazgirtVarto-Sönmez
12.05.2010 Er-Bu İnşaat ve Tic. Koll. Şti.. Ercan Tunç-Burhan Çetin
6.350.000 Negotiations are finalizedCompetition Board decision awaited
Group 4 Kovada- I Kovada-II
12.05.2010 Aksu Enerji ve Ticaret A.Ş..
56.080.000 Negotiations are finalizedCompetition Board decision awaited
www.oib.gov.tr14
Due Recievables - VII
Group Tander date Highest Bidder Bid Price($) Status
Group 10BünyanÇamardıPınarbaşıSızır
13.05.2010 Kayseri ve Civarı Elekt. T. A.Ş..
69.700.000 Negotiations are finalizedCompetition Board decision awaited
Group 7BozkırErmenekGöksu
14.05.2010 Fırat Enerji Üretim A.Ş. 86.400.000 Negotiations are finalizedCompetition Board decision awaited
Group 6AnamurBozyazıMut-DerinçaySilifkeZeyne
17.05.2010 Seba Ortak Girişim Grubu 13.520.000 Negotiations are finalizedCompetition Board decision awaited
Group 16 Çağ-ÇağOtlucaUludere
18.05.2010 Nas Enerji A.Ş. 40.800.000 Negotiations are finalizedCompetition Board decision awaited
www.oib.gov.tr15
Due Recievables - VIII
Group Tander date Highest Bidder Bid Price($) Status
Group 18EngilErcişHoşapKoçköprü
20.05.2010 Nema Kimya-Espe O.G.G.
50.050.000 Negotiations are finalized
Group 13BesniDermeErkenekKernek
21.05.2010 Kayseri ve Civarı Elektrik T. A.Ş.
13.800.000 Negotiations are finalized
Group 8Dereİvriz
24.05.2010 Seba Ortak Girişim Grubu
5.700.000 Negotiations are finalized
Group 11DeğirmendereKaraçayKuzuculu
03.06.2010
Group 12KoyulhisarLadik-Büyükkızoğlu
03.06.2010
TOTAL 3.770.800.000 $
www.oib.gov.tr
0
10
20
16
Timing
Privatization
method
Assets
3 regions privatized by the Privatization Administration was handed over in 2009, 1 region was handed over in in 1H2010.
7 regions are waiting for hand-over 4 regions in tender process. Remaining regions to be tendered within 2010
TEDAS- The Holding Company for state owned regional distribution companies Block sale of 100% of shares of the regional companies which have operational rights of the electricity
distribution network Regulated tariffs with targets for distribution loss and operational costs Future network investments to be earned back through tariffs
Number of Regions
Already private Stay order decision
Aras
Total
Başkent
Sakarya
Meram
Osmangazi
ÇoruhYeşilırmakVan GölüFıratÇamlıbelUludağ
The tenders for the privatization of Turkey’s electricity distribution continue
Waiting Approval
154
4 6 1
Tender proses BoğaziçiDicleGedizTrakya
www.oib.gov.tr
80% of the shares of the Baskent Natural Gas Distribution Company will be privatized by PA
Timing
Privatization
method
Assets
The tender was annaounced in May and the bidding deadline is 19.07.2010.
Block Sale of %80 shares
License for monopolistic distribution in Ankara till 2037 2nd largest natural gas distribution company in Turkey 2.1 billion m3 of natural gas sales volume in 2009 1.2 million subscribers as of 2009 High growth potential – ~ 100.000 newcomers per year Fixed tariffs in US$ terms until 2017 The majority of collection through pre-paid system (85%)
96184
436
865
1,182
101
-
200
400
600
800
1,000
1,200
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Thou
sand
s CAGR:13%
Number of Subscribers
Privatization Administration
Greater Municipality of
Ankara20%
80%
Capital Structure Location
17
www.oib.gov.tr
Important port on the Mediteranean Sea
Important gateway to the Middle East
140.000 tonnes/year container capacity
General cargo,dry and bulk cargo
Transfer of operational rights
36 years
The tender was announced in May and the bidding deadline is 04.08.2010
İskenderun Port will be privatized in 2010
Timing
Privatization method
Assets
18
www.oib.gov.tr
• The holding company has 57 % of market share in Turkey
• Total sugar production capacity per year: ~2 million tonnes
19
PA aims to privatize the Company’s 25 factories / plants in [6] regional packages
Majority stake in two affiliated companies were already successfully sold off Portfolio B (Malatya, Erzincan, Elazığ ve Elbistan plants) was in tender. Bidding
deadline was 21.01.2010 but has been intercepted by court decision The tender for portfolio C (Kastamonu, Kırşehir, Turhal, Yozgat, Çorum ve
Çarşamba plants) has been intercepted by court decision
The state owned sugar conglomerate Turkseker is beeing privatized gradually
Timing
Privatization method
Assets
www.oib.gov.tr
Total lenght of tollroads subject to privatization is 2.021 km• 2 Bosphorus Bridges
Sales [2009]: $ 402 million Vehicle number (2009) : 315 million
20
To be privatized by Transfer of Operational Rights
An amendment in law is necessary Tender may be commenced in 2010 (depending on financial circumtances)
The whole motorway network of Turkey incl. Bosphorus Bridges will be privatized in the near future
Timing
Privatization
method
Assets
www.oib.gov.tr
12,52416,349
21
Almost 40 % of the current installed capacity in power generation sector will be privatized shortly
Timing
Privatization
method
Assets
In 2008 PA has privatized as a pilot project 9 small power plants (ADUS) with a total capacity of 140 MW for 510 million USD to Zorlu Group.
52 run-on river plant have already been tendered in 19 groups. 613 bids were recieved and the total size of the privatization is approximately 440 million $
The rest of the assets will be privatized as portfolios starting 2H2010
9 Portfolios were formed ranging from 2,795MW to 356MW in size 3 thermal-only portfolios, 2 mixed thermal and hydro portfolios, 4 hydro-only
portfolios
Total capacity of EUAS23,976 MW
Number of plants
1483,677
Thermal
18
Hydro
27
Run-on river
56
Total
101
www.oib.gov.tr22
To be privatized by Transfering of Operational Rights & Built - Operate - Transfer model
The whole region should be developed by building a cruise terminal, a five stars hotel, shopping malls and free shops
Preparatory studies ongoing
Largest cruise port of Turkey Total project area is c. 100,000 m2
The most important cruise terminal of Turkey will be privatized by BOT / TOR model
Timing
Privatization method
Assets
www.oib.gov.tr
THANK YOU FOR THANK YOU FOR YOUR ATTENTIONYOUR ATTENTION
REPUBLIC OF TURKEYPRIME MINISTRY
PRIVATIZATION ADMINISTRATION
www.oib.gov.trwww.oib.gov.tr