Turkish energy giant TPAO has completed a roadshow circuit aimed at securing interest in a $4 billion sukuk issuance for later in 2025.

The new debt will be a structured as a five-year note, and support the company's wide-ranging ambitions across Eastern Europe and Eurasia. Those this year have included a new field in Kazakhstan and exploration mandates in Hungary and Pakistan, supplementing its primary geographies and infrastructure in the Black and Caspian Seas.

The firm, owned by Turkiye's sovereign wealth fund, is said to have visited with investors in London, Abu Dhabi and Dubai, in yet another sign of the warming investment relationship between the country and the GCC.

At least two other energy industry sukuk have eclipsed $1 billion this year in the region. Abu Dhabi National Oil Company (ADNOC) issued a $1.5 billion 10-year, dollar-denominated note in May, while Saudi Electricity Company completed a $2.75 billion issuance in February, which included a $1.25 billion additional "green" 10-year tranche.