(Bloomberg) -- Turkish President Recep Tayyip Erdogan approved the formation of two energy companies on Wednesday as Turkey moves some state-owned companies home against the threat of European sanctions.
The two new companies will operate separately under the state-owned oil and gas exploration company, TPIC, and state-owned mining company ETI Maden Isletmeleri Genel Mudurlugu, according to the Official Gazette.
Turkey has had 14 state-run energy companies operating abroad, including in the U.S., China, Russia and several European countries. Some European Union members have threatened to try to force the bloc to adopt sanctions against Turkey over its search for oil and gas in contested waters of the eastern Mediterranean.
