Recently, a well-known Turkish energy analyst and expert in Turkey sent me a rather unique view about how to evaluate energy sector companies. While I always write my own posts, Haluk Direskeneli always focuses on the serious side of energy issues in the Turkish sector and internationally.
His perspective today warrants me to step aside while Haluk shares an unparalleled dictate which these energy companies should give great attention. Following, Turkish Energy Analyst Haluk Direskeneli gives thought to the unconventional. Since I've given only excerpts of the long article, get more information on the energy sector in Turkey by visiting his blog site or his other site.
Unconventional Credit Risk Appraisal and Credit Rating in Power Markets
Today I will tell you about non- commercial/unconventional restaurants, which are almost equal if not superior to commercial restaurants. ...these are "company or public institution canteens" in the local Power Generation market, as well as those in the global world...visited during my last 30 plus years of professional life. It is also a good yardstick as an unconventional credit risk appraisal and rating in Power markets.
These restaurants are in Thermal Power Plants, or in Power Plant construction companies, serving lunch to their employees. Some of them are in our leading technical universities where I visited to give seminars on how use thermal power plant design software, or in chambers of engineering institutions where I have been invited to carry out joint engineering projects/seminars/conferences.
Normally, we do not care about the quality and importance of those restaurants during our working rush cycle. However, we need to give some pause for ourselves and appreciate the importance and the quality...in these very important internal institutions. They give you a very important clue in your interpretation and appraisal of that institution.
Those places are normally not commercial since they...serve the company employees for their lunch. In most of them, food is served free of charge; however, in some of them, mostly in universities, they charge you...
It is my sincere feeling that if the employee canteen is above standards, if it is in high quality in its service, food quality, be sure that its institution is also at high standards.
When I visit a power institution, whether a power plant or a construction site...I usually wait my hosts to invite me to their employee canteen. I am not pleased if they invite me to a fancy expensive commercial restaurant...
Hence, I carefully inspect their food quality, service, hygiene, and the atmosphere. If these criteria are above expectations, then I am sure that this company/institution... is successful and will continue to be successful in future.
A good company restaurant means that enterprise cares about her employees. That is a very positive indication. If a company does not have a restaurant, and distributes food tickets, it is an indication that either they have some space difficulties at the city center or you should have certain question marks in their long term staff management. That is also a clue for their long term company strategy.
Above procedure has no relation with current Basel-2 credit rating, but it is my sincere feeling that it is also sound and reliable.
Here are my favorite local non-commercial restaurants, all with AAA credit rating, starting with Istanbul, Yeditepe University, Kayisdagi Campus Academician restaurant, excellent sea view, excellent sea food; Istanbul Technical University- Gumussuyu Academicians Restaurant, wonderful Bosphorus view, good food; Turkiye Is Bankasi Towers main employee restaurant...
In Ankara
METU Academician's restaurant on campus, two open banquets one for selection, the other one for fixed menu, wonderful environment, and excellent food. There are two more restaurants on the campus, one in social building and one in the congress centre but they are not comparable with the major at the centre.
Gama Contracting Company in Ankara...canteen...3-course excellent food, no-nonsense list. Fish on Fridays...
Guris Construction Company Golbasi head office canteen (offers) 4 course excellent food. Park Energy company canteen, extraordinary food with open buffet salad bar, Turkish Sugar Corporation Etimesgut premises guesthouse, best "Begendi" kebab ever tasted...
Somewhere in Turkey
Cayirhan Park Energy Thermal Power Plant guest house roof restaurant, Koc Holding Entek CCPP power plant company canteen, open salad buffet, dessert, excellent food, barbecue on Fridays, lots of meatballs, salad and watermelon.
Sabanci Kentsa Izmit, main employee restaurant in recreation area, excellent food...
Soktas Textile plant in Söke, excellent food; Batman Tüpras Refinery guest house, excellent traditional food; Hopa thermal power plant canteen, excellent traditional Black Sea food; Orhaneli Thermal Power plant guest house, excellent (appetizers) for dinner...
International
Brown & Root Engineering company canteen, Wimbledon London, excellent lunch; Fiat-Avio Torino, Italy, small amount of wine served, excellent Italian food, spaghetti, sea food; GE Nuovo Pignone, Florence, small size wine bottles available, excellent seafood...
Patrick Lumumba International University in Moscow, Russia, extraordinary red meat. Diar-El-Zor, Syria sugar plant, wonderful kebab, extraordinary Middle Eastern food. Sub-Contracting Fabrication Plant in Diar-el Zor, Syria, extraordinary special East Indian food, since the subcontractor and his employees are from Bangladesh. Wonderful Indian spices.
ELIN head office in Vienna Austria, reasonable amount of white wine served, wonderful red meat food. ABB Finpong Sweden at Christmas time they serve hot punch at entrance; ENKA Tengiz Kazakhstan site, employee canteen, excellent traditional Turkish food, extraordinary service; Aramco, Dhahran, Saudi Arabia, the longest open buffet I have ever seen.
Be sure that excellent restaurants are not necessarily commercial. There are also excellent restaurants in power sector, and these are not commercial; the employees of those institutions make them special.
As the saying goes you get back what you give or you reap what you sow.
Interesting article!
regarding Turkey as a energy hub, it became clear that Turkey will not have a say in Nabucco project, at least not to extend what they want or planned.
regards
Posted by: Hans | Sunday, 25 May 2008 at 04:00 PM
Thank you very much
Posted by: Haluk Direskeneli | Wednesday, 21 May 2008 at 06:07 AM