The era of Turkey partnering with Russia on mega projects in Turkey has begun with the Akkuyu nuclear power plant, which is expected to cost $20 billion. The Cengiz-Kalyon-Kolin (CKK) consortium will hold a 49% stake in the project, according to a preliminary agreement recently signed in Moscow. The final deal is expected to be signed in August or September.
No one was surprised when CKK was reported as a likely major shareholder in such a huge project. CKK companies have been contractors in several major projects in Turkey and abroad, primarily in the energy sector. The CKK businesses, which grew rapidly under Justice and Development Party (AKP) rule, are currently partners in the consortium that is building Istanbul's third airport at a cost of 22 billion euros ($25.1 billion). Zirve Holding, the parent company of Kalyon Construction, also owns the media group of Sabah-ATV, the media outfit closest to the government.