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Austria and Turkey - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism

Austrian FDI: 2010 Was a Year of Stabilization

Active foreign direct investment increased, while inward flows stagnated in 2010. Turkey was the top destination for Austrian investors.

May 18, 2011

OMV Announces Launch of Rights Issue

The Austrian oil and gas group issues up to 27,272,727 new shares. Proceeds will be used for the refinancing of the acquisition of a major stake in Petrol Ofisi.

May 16, 2011

WIFI International: Partnership with TOBB University of Ankara

The Austrian (WKÖ) and the Turkish (TOBB) Economic Chambers have signed a Letter of Intent for an educational partnership with WIFI.

May 11, 2011

Is Nabucco Turning into a Cost Trap?

The Nabucco gas pipeline could be twice as expensive as previously planned, according to sources from Turkey.

May 6, 2011

CEO Roiss: "Gas and Oil Remain the Core Business"

Renewable energies are already part of the program of OMV, said Gerhard Roiss. However, oil and gas will dominate in Europe until 2020.

May 5, 2011

Leitl: "Austria was the Largest Investor in Turkey in 2010"

WKÖ President Leitl pointed to the intense economic links between the two countries during the state visit of Turkish President Abdullah Gül to Austria.

May 4, 2011

GATX Rail Europe Announces Entry into Turkish Marketplace

The Vienna-based GATX Rail Europe today announced its entry into the Turkish marketplace with the deployment of newly-manufactured railway tank wagons.

April 18, 2011

Turkcell Intends to Get Into Austria

The Turkish mobile operator strives for an entry into the Austrian market.

April 1, 2011

The Black Sea Region is Gaining in Significance for the Austrian Economy

Austria's sound foreign economic relations with the Black Sea region could be strengthened still further. The export structure of Austria is consistent to a large extent with the import demand of Ukraine and Turkey.

March 25, 2011 · Updated: March 25, 2011; 03:52

Strong Growth for bauMax

The do-it-yourself group increased its sales in Austria and Eastern Europe in 2010.

February 18, 2011

OMV: "Turkey as a Bridge for Oil and Gas Wells in the region"

The Austrian oil company, which has already invested € 2.0bn in Turkey, considers the location a starting point for the Middle East.

February 17, 2011

OMV Capital Increase Likely

Due to massive acquisitions in recent months, the Austrian OMV has to refinance. A capital increase is the most favorable option.

February 9, 2011

150 New Bank Austria Branches in Eastern Europe

The new board of the CEE Division of Bank Austria presented the group's expansion plans for Eastern Europe. By 2015, 900 branches are to be added.

February 9, 2011

Purchase of Petrol Ofisi Lowers OMV´s Results

In its Trading Statement Q4/10, OMV announces extraordinary expenses due to the major purchase of the Turkish Petrol Ofisi amounting to € 170m.

February 5, 2011

Vienna Insurance Group Expands in Turkey

Vienna Insurance Group in Turkey: Acquisition of a 10 percent stake in Ray Sigorta is completed.

February 4, 2011

Austria: The Gateway to Central Asia?

Leading Austrian politicians intend to attract attention at the World Economic Forum to what promises to be a new target region.

January 26, 2011

Record Results for Red Bull

The Austrian producer of energy drinks reached its best results ever in 2010 thanks to the markets in Turkey, Japan and Brazil.

January 22, 2011

New Perspectives for Nabucco

The European Commission wants to commit Azerbaijan to supply gas to Europe. This is expected to be done via the Nabucco pipeline.

January 14, 2011

Turkish Electricity Market Threatens to Collapse

The increasing energy demand in Turkey is facing a lack of infrastructure. Austrian Verbund will expand its investments.

January 13, 2011

S&T announces to withdraw from Germany

The Austrian information technology consulter S&T withdraws from the German market. Hence the German subsidiary „S&T Deutschland GmbH“ will be closed.

January 10, 2011

OMV: Moody´s Warns Against Downgrade

The Austrian energy group has to refinance its acquisitions in Turkey and Tunisia. The American rating agency puts pressure on OMV.

January 10, 2011

OMV: Market Predicts Capital Increase

Due to acquisitions and the rating situation, analysts expect a capital increase of Austria's energy group.

January 7, 2011

Spindelegger: Turkey's Joining the EU Will Not Happen Before 2024

In an interview with the "Wirtschaftsblatt", the Austrian Foreign Minister stresses the relevance of Turkey. Croatia should come into the EU much earlier EU.

December 29, 2010

Italian Support for Nabucco

The Italian power company Edison cooperates with the Nabucco gas pipeline project. The aim is to create synergies.

December 28, 2010

Porr: Turkish stake might increase

The Turkish Renaissance Group currently holds a 10% stake in Austria's third-largest construction group. This share could be increased significantly.

December 23, 2010

OMV Closes Acquisition of 54.14% in Petrol Ofisi

OMV, an Austrian energy group, completed the acquisition of a 54.14% stake in Petrol Ofisi A.S.

December 22, 2010

OMV: Nabucco Underway as Planned

Austrian OMV considers that the gas pipeline project of European energy companies is developing according to plans.

December 10, 2010

Turkey: Verbund Fails in Privatization

The Austrian-Turkish joint venture was unable to participate in the privatization of the Turkish power grids. The Group's objectives remain valid nonetheless.

December 8, 2010

DO & CO - Good Results in a Difficult Environment

The Austrian catering company Do&Co; currently achieves high growth in profits. Globally, Do&Co; however remains a small player.

December 2, 2010

Austria's Position in the CEE Region Shakes

According to the Roland Berger consultancy agency, Austria receives not only competition in the CEE countries, but the importance of the region also decreases from a global viewpoint.

December 1, 2010

Major Order for Porr in Libya

Porr builds a sports stadium with a Turkish partner. The contract is worth € 220 million euro.

November 29, 2010

DO & CO Completed Capital Increase

The Capital Increase of Do & Co Restaurants & Catering AG has taken place successfully. The subscription and offer price was set at € 21.90

November 29, 2010

Vienna Insurance Group Takes a 100% Stake in TBIH

VIG now realizes an increased involvement in Turkey, Ukraine and Georgia.

November 26, 2010

OMV Plans to Expand Further in Turkey

The Austrian oil and gas group is still assessing the best form of financing Petrol Ofisi. Further projects in Turkey are being evaluated.

November 22, 2010

UniCredit: Expansion to the Czech Republic, Poland and Turkey

UniCredit’s subsidiary Bank Austria functions as an Eastern Europe Holding. 40% of the net income of the group comes from the region by now.

November 19, 2010

Voestalpine Expands into the Gulf Region

The Austrian steel group will manufacture rail components for Saudi Arabia over a joint venture.

November 16, 2010

Verbund: Further Expansion in Turkey

The power company intends to increase its presence in the rapidly growing Turkish market. But above all, investments will be made in Austria.

November 10, 2010

Heinzel Group: Unrestricted Expansion

This year, the Austrian paper group expects a turnover of 650 million euro; in 2011 the billion mark will be exceeded.

November 9, 2010

DO & CO: Capital Increase by 25 Percent

DO & CO has decided to carry out a capital increase of 25 %.Maximum subscription and offer price amounts to EUR 21.90.

November 8, 2010

Financing of OMV-Deal in Turkey Still Open

OMV leaves the financial markets still in the dark as to how it will cope with the acquisition.

October 25, 2010

Large Power Plant in Turkey: Verbund concludes Joint Venture

With an investment volume of 550 million euro, the Verbund operates together with its Turkish partner Sabanci Holding, a gas-steam power plant.

October 25, 2010

OMV: Complete Takeover of Petrol Ofisi Fixed

The deal is finished. Turkey will be the third main market for the OMV group.

October 22, 2010

Major Project for Siemens Austria in Georgia

Siemens Austria is involved in a project to develop the electricity industry in Georgia. The infrastructure project will act as a bridge between Russia and Turkey.

October 22, 2010

OMV Deal: Many Questions Without Answer

Not only the extent of the takeover is unknown, but also how it will be financed.

October 22, 2010

OMV Plans Complete Takeover of Petrol Ofisi

OMV and Doğan Holding are in detailed negotiations regarding an acquisition of Dogan Holding’s stake in Petrol Ofisi by OMV

October 20, 2010

Do & Co Expands Rapidly in Turkey

After the successful expanion with Turkish Airlines, Do & Co plans to enter the event-catering market

October 18, 2010

Vienna Insurance Group: increase the proportion of TBIH to 100 percent

After taking the lead in the TBIH Financial Services Group NV (TBIH), the Vienna Insurance Group agreed with Kardan Financial Services BV to acquire its minority stake of 40 percent.

July 23, 2010

Andritz to supply electromechanical equipment for Ilisu hydropower station, Turkey

International technology Group Andritz will supply electromechanical equipment with a total value of approximately 340 MEUR as part of the construction of the Ilisu hydropower station in Turkey.

June 15, 2010

Verbund to expand in Turkey

The subsidiary of Verbund and Sabanci Holding wants to bid on privatization auction of electricity networks in Turkey.

May 18, 2010