Turkish energy company halts production over ‘challenging conditions’
ISTANBULTurkey’s BİS Enerji said it has halted its energy production activities due to steep fluctuations in the market and highly challenging economic conditions, in a written statement released to the Public Disclosure Platform (KAP) on Nov. 27.
“All production activities have been halted for now and all production equipment has been taken into maintenance due to ongoing negative fluctuations in the energy sector, highly challenging conditions in the manufacturing sector, higher costs in electricity production from natural gas and differences in cash collection and payment dues,” said the statement.
“Thanks to our capacity, we can buy cheaper electricity from the system and meet the electricity demands of our customers through Bisen Elektrik Satış A.Ş., 100 percent of which is owned by us. In the meantime, some legal procedures have been launched to resolve the issues,” it added.
The company, which is based in the northwestern province of Bursa, also said a number of preliminary deals were inked for partnerships with foreign companies, adding talks underway to reach an agreement by the end of this year.