|This article is part of the CoalSwarm coverage of Turkey and coal.|
OYAK is the Turkish armed forces pension fund.
OYAK's coal interests
OYAK is a major shareholder in AYAS Enerji which has proposed the construction of a 625 megawatt coal-fired power station at Yumurtalık in Adana province in Turkey. In its annual report OYAK stated that the company was "established in 2002 to realize a thermal power plant investment, which will be built next to" the the existing ISKEN imported coal Sugozu power station in Yumurtalık, Adana, Turkey. OYAK stated in its 2011 annual report that the company received a license for the new plant from the Energy Market Regulatory Agency on April 30th, 2009 for a term of 49 years to engage in power generation.
In 2009 OYAK bought a 49% stake in AYAS Enerji. In 2011 it bought an additional 51% of the company to make it a wholly owned subsidiary. Later that year OYAK sold 50% of the company to AES Entek, which OYAK described as a "joint venture of the Koç Group and AES. This newly-created union of strengths in the energy industry will begin working on an investment to build a 625 MW power plant in Adana-Yumurtalık area, pending formal approvals."
In its 2011 annual report OYAK stated that:
- "OYAK applied to the respective authorities for permission for the transfer of the shares; the Competition Board subsequently granted approval for the share transfer, while approval from the Energy Market Regulatory Authority is still pending. The power plant, which is planned to be built next to İSKEN, will be environmentally friendly and operate with high-quality imported coal. The plant is expected to generate about 4.5 billion kWh of electricity per year, and is targeted to enter operation in 2016."