The pre-agreement made with Israel reflected positively in the shares of Zorlu Holding, one of the biggest corporate groups in Turkey. Zorlu Energy increased its profitability around 10 percent on Friday according to figures from the Borsa Istanbul, as reflected in share prices, with the expectation of an improvement in Turkish-Israeli relations since the group has energy investments in Israel. More precisely, at 8:28 GMT, Zorlu Energy shares were 10.32 percent higher at TL 1.39 ($0.48). In 2003, Zorlu Energy took a 25 percent share in Dorad to undertake investment, contracting, operational and maintenance services for a natural gas power plant project in Ashkelon, Israel. Zorlu Holding built the largest power plant ever as a private investor in Israel. The group also has other investments in progress in Israel such as the 55-megawatt Ashdod and the 120-megawatt Ramat Negev natural gas power plants. By the time all of these investments are completed, Zorlu Holding will supply 7 percent of Israel's energy.
In addition, when it comes to energy, this increase in Zorlu's shares has many implications during a critical time for both countries. One Turkish official confirmed that talks have taken place but denied that any agreement had been reached, stating that efforts to normalize relations are ongoing.
Moreover, after talks between Turkey and Israel this week started the process of normalizing the two's relations, an official said that the two countries are expected to reach an agreement on gas negotiations quicker than previously expected. By 2020, Turkey will receive 8 billion to 10 billion cubic meters of gas annually.
Turkish-Israeli relations became problematic after the Israeli raid on a marked Turkish aid vessel, the "Mavi Marmara," as it attempted to carry goods to the blockaded Gaza Strip. The raid resulted in the deaths of eight Turkish nationals and one Turkish-American and Israelis enacted more policies in the crackdown on Gaza. However, according to a Reuters report, a pre-agreement has been reached regarding the reopening of Turkish and Israeli embassies, which is considered by some as a step toward the normalization of diplomatic relations. In October 2013, Reuters reported that Zorlu Energy was holding talks with Israeli firms regarding the potential for a pipeline to carry Israeli gas to Turkey, but a political rift was holding up the process.
