Turkish State Oil Giant Launches Landmark $4 Billion Islamic Bond

Turkish Petroleum Corporation (TPAO), the state-owned energy company of Turkey, plans to issue its first-ever Islamic bond of about $4 billion to fund the expansion of its oil and gas production, Turkey’s Energy Minister Alparslan Bayraktar has told Bloomberg. TPAO prepares to sell the five-year Islamic bond, the so-called sukuk, to international investors by the end of this year, Bayraktar said. TPAO has held a roadshow in London and the UAE’s Dubai and Abu Dhabi, where it presented to potential investors its plans for future…