Turkish energy giant plans to issue $4 billion Islamic bonds to promote global expansion of oil and gas.

Turkish state-owned energy company Turkiye Petrolleri AO plans to issue up to $4 billion in Islamic bonds to boost its expanding oil and gas production, marking the company's first such international bond issuance. Turkish Energy Minister Alparslan Bayraktar said on Monday that TPAO plans to sell these five-year bonds to international investors by the end of this year. TPAO, owned by the Turkish sovereign wealth fund, is expanding its international projects beyond its existing production in Azerbaijan, Iraq, and Russia, with exploration plans in Libya, Oman, and Pakistan.