Turkish lira, energy shares rise after Erdogan says 'good news' coming (updated)

Petkim Petrokimya Holding

19/08/2020 16:47

(Adds energy minister's comments, background, updates shares)
    ISTANBUL, Aug 19 (Reuters) - Turkish President Tayyip
Erdogan told an energy-related event that he would be announcing
"good news" on Friday that will open a "new period" in Turkey,
helping the lira back from a record low and driving energy
shares up even though he did not elaborate.
    Turkey has been exploring and drilling for energy resources
in parts of the Black Sea region and eastern Mediterranean,
believed to be rich in oil and natural gas. Its operations led
to a dispute with NATO ally Greece over overlapping claims in
the Mediterranean, where two Turkish survey vessels are in areas
claimed by Greece, Cyprus and Turkey.  urn:newsml:reuters.com:*:nL8N2FL43F
    Erdogan said at the opening of a solar power plant in Ankara
on Wednesday that no threats can deter Turkey from seeking
natural resources in the eastern Mediterranean.
    Shortly after, without providing details Erdogan made his
comment about a "good news" announcement, which Finance Minister
Berat Albayrak said would be "an axis shift" for Turkey.
    "We are imagining, dreaming of this good news right now. I
believe as of now that by giving this good news to our people on
Friday, God willing a new period will be opened in Turkey,"
Erdogan said. "If I announce it now, the excitement and all will
be lost."
    Energy Minister Fatih Donmez, asked about the "good news" on
Wednesday, told reporters he was "also waiting with curiosity".
    Shares in Turkey's Tupras refiner  TUPRS.IS  were up 7.58%,
while the shares in petrochemicals company Petkim  PETKM.IS 
rose 9.87% following Erdogan's comments. 
    The Turkish lira, which hit a series of record lows against
the U.S. dollar in recent days, firmed more than 2% to as far as
7.22, over expectations of a new energy finding by Turkey. The
main share index  .XU100  rose 2.95% on Wednesday.

 (Reporting by Ali Kucukgocmen, Nevzat Devranoglu and Tuvan
Gumrukcu; Editing by Dominic Evans and Grant McCool)
 ((tuvan.gumrukcu@tr.com; +90 312 292 7021; @tuvangumrukcu;
Reuters Messaging:
tuvan.gumrukcu.thomsonreuters.com@reuters.net))