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Turkish Airlines Expresses Willingness to Partner Nigerian Carriers

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Turkish Airlines - Investors King
  • Turkish Airlines Expresses Willingness to Partner Nigerian Carriers

Turkish Airlines has said it is looking forward to effective code-sharing agreements in Nigeria, given that the country had a functional national carrier with a view to faciliate more flexible flight operations between Nigeria and other countries.

Country Manager for Turkish Airlines in Nigeria, Mr. Tarkan Ince, has stated this in an interview even as Copa Airlines and Turkish Airlines begin codeshare flights between Europe and Latin America.

According to Ince, “We have had many codesharing deals with many national carier across the world and we would have loved to strike similar deal in Nigeria. This would have facilitated more flexible flight operations between Nigeria and other countries where Turkish Airlines has flight rights.”

He, however, noted that the fact that Nigeria does not have a national carrier makes it impossible for foreign airlines to have effective codeshare agreements.

Meanwhile, with the new codeshare agreement between Turkish Airlines and Copa Airlines, passengers from several destinations in Latin America and Europe will enjoy seamless connections through the carriers’ ideally located hubs in Panama (Americas), and in Turkey, the bridge country that connects the East and the West.

Copa Airlines, subsidiary of Copa Holdings, S.A., and Turkish Airlines, both members of Star Alliance, the leading global airline network, signed a Codeshare Agreement which will offer passengers more flight options with seamless connections through Copa’s Hub of the Americas, in Panama City, and Turkish’s seamless gateway to Europe through the company’s Hub, in Istanbul, Turkey.

The strategic Hub of the Americas of Copa Airlines, in Panama City, will allow passengers coming from Istanbul fast and efficiently connect to 74 destinations in America and the Caribbean, including the most important cities of the region.

Also, with this codeshare agreement, the Latin American passengers traveling with Turkish Airlines through its uniquely positioned hub, Istanbul, that bridges the East and the West, will have more entry options to Europe also Africa, Asia/ Far East and Middle East.

Chief Executive Officer of Copa Airlines, Mr. Pedro Heilbron, said, “This agreement between Copa Airlines and Turkish Airlines has great importance since it contributes to strengthen the connectivity between Latin America with Istanbul and the rest of Europe. Passengers from both hemispheres will benefit from world-class services and seamless connections through the hubs of the codeshare partners.”

Initially, Turkish will place its code on Copa flights between Panama City and David in Panama; Porto Alegre, Rio de Janeiro, Manaus, Belo Horizonte and Sao Paulo in Brazil; Santo Domingo and Punta Cana in Dominican Republic; Guayaquil and Quito in Ecuador; San Salvador in El Salvador; Asuncion in Paraguay; Lima in Peru.

On the other hand, Copa will place its code on Turkish operated flights between Panama and Istanbul. Progressively, as government approvals are granted, Turkish will also place its code on Copa flights to Cancun, Mexico City, and Guadalajara in Mexico; Managua in Nicaragua; San Jose in Costa Rica and Montevideo in Uruguay in order to expand the range of these codeshare flights into the region.

“We are delighted to begin codeshare cooperation with Copa Airlines, which will improve our partnership as Star Alliance partners and also provide unique travel opportunities to the passengers through the far-reaching flight networks of both airlines. Especially, with our flights to Panama City operated from our incomparably positioned hub, Istanbul, passengers would enjoy to travel all around the continent with Copa Airlines’ flights from Panama City,” Deputy Chairman and Chief Executive Officer, Turkish Airlines, Mr. Bilal Ekşi, said.

The latest agreement, which complements and expands the route networks of both airlines as well as the connectivity between the continents, will also improve and promote bilateral opportunities for tourism and commercial developments between two countries.

According to Ekşi, “Passengers of Copa and Turkish will enjoy the multiple benefits offered by Star Alliance, including reciprocity between the frequent flyer programs of both airlines and global recognition of the Star Alliance Gold and Silver status through the large route network that includes 1,300 airports in 190 countries.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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