Turkey expropriates energy assets with presidential decrees

Turkey expropriated several energy assets, including for a dam project in the Ankara province, according to two presidential decrees published on Wednesday.

The Environment and Urbanisation Ministry will take control of assets related to the Gürsögüt dam and hydroelectric power plant project in the Ankara districts of Beypazarı and Polatlı, Turkish President Recep Tayyip Erdoğan said.

Some assets for power transmission in the provinces of Manisa and Zonguldak have also been nationalised and will be operated by state-run energy distribution company Türkiye Elektrik Dağıtım, Erdoğan said.

No reason was given for the decisions.

Turkish energy companies were among the hardest hit by a currency crisis two years ago that made foreign debts more difficult to repay. The lira has extended record lows this year, losing about a quarter of its value. The government has also sought to keep energy prices low to help stimulate economic growth, narrowing the companies’ profit margins.