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3 Period between contents Coming to Competencies and Competitive Advantages 6 Board of Directors 8 Message from the Chairman 10 Message from the General Manager 12 Report of the Board of Directors 14 Affiliates 16 Domestic and International Operations 24 Corporate Governance Compliance Report 28 Results of the Operations 39 Proposed Distribution of Profit 40 Summary of Auditor s Report 41 Summary of Independent Auditor s Report 42 Financial Statements and Footnotes 44 Footnotes to Consolidated Financial Statements 50

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5 Coming to Zorlu Enerji Group started its operations in With the companies and power plants established since then, it started to deliver turnkey solutions in all branches of energy industry. Zorlu Enerji Group is continuing its operations also in Europe, Asia and Middle East as well as in Turkey. Zorlu Enerji Elektrik Üretim A.fi., under Zorlu Enerji Group, is providing electricity and steam for industrial firms. It provides reliable and good quality energy for almost 240 industrial firms, with total of 420 MW power supplied by natural gas combined cycle power plants in Bursa, Ankara and Kayseri, and cogeneration power plants in Lüleburgaz, Kayseri and Yalova. Zorlu Enerji Elektrik Üretim A.fi. has 800 MW natural gas combined cycle power plant and 100 MW cogeneration power plant investments in Southern Israel, and, two cogeneration power plants project in progress, each has a power of 370 MW, in Russia. Zorlu Endüstriyel ve Enerji Tesisleri nflaat Ticaret A.fi. is founded in 2000 as an undertaking company operating in international energy industry, which has been delivering turnkey power plant installations to industrial firms, since then. Zorlu O&M Enerji Tesisleri flletme ve Bak m Hizmetleri A.fi. is providing maintenance and operational services to Zorlu Enerji Elektrik Üretim A.fi. and other energy firms in this industry. Zorlu O&M, founded in 2000, is the first Turkish company established in field of power plant operations and maintenance. Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nfl.san. ve Tic. A.fi. performs gas and petrol field operations for Zorlu Enerji Group. Company has been founded in 2000, and has 25 licenses to search natural gas and petrol in various locations in Turkey; where it works together with Amity Oil International Pty. Ltd. in 5 of them. In 2005, Zorlu Enerji Group has obtained the contracts by tender for natural gas distribution in Trakya and Gaziantep Region; through the companies founded for this reason, Trakya Bölgesi Do algaz Da t m A.fi. and Gazdafl Gaziantep Do algaz Da t m A.fi., distribution and infrastructure projects are continuing in these regions. In addition to providing the electric needs of industrial companies, Zorlu Enerji Group also is performing electric and gas wholesale through Zorlu Enerji thalat, hracat ve Toptan Ticaret A.fi. and Zorlu Do al Gaz thalat, hracat ve Toptan Ticaret A.fi.. In 2006, Zorlu Enerji Group tended to hydro energy; obtained the DSI contracts by tender, preparations for two hydroelectric power plant constructions on Dalaman Stream in Mu la are in progress. Group has investments in all fields of energy and is continuing its developments with the principle of product and service diversity; therefore, company is continuing its consistent works in the field of renewable energy. In order to produce electricity from wind power, works in Turkey and in Pakistan are continuing. Zorlu Enerji 2006 Annual Report 5

6 Competencies and Competitive Advantages

7 By using the advantage of being one of the first in this field of industry, Zorlu Enerji Group started to spread its operations outside Turkey; therefore it became a group of companies implementing the principle of risk equalizing. Considering the developments in this industry, Group has major competence and competitive advantages in Turkey and neighboring countries. Diversity of Product and Services First years following the establishment, Zorlu Enerji Group was producing electricity for only Zorlu Group. Today, through its specialized firms, company is supplying the energy and steam needed by other companies. Group is conducting business in abroad field such as providing turnkey power plant installation services for industrial firms, natural gas sales and distribution to supply natural gas needs of houses and commercial entities, maintenance and operational services for other industrial entities operating power plants; company also conducts projects aiming to find and produce its own natural gas. In the frame of product and service diversity strategy, Zorlu Enerji Group is following tenders for hydroelectric plants to be privatized, wind power plants, electric distribution tenders, thermal power plant installations, conditional coal tenders and natural gas contract transfer tenders. Geographical Competence Nowadays, mobility and competence of Zorlu Enerji Group is carried across the borders and to other countries. Zorlu Enerji Group has completed first power plants operated by private sector in Moscow, and in accordance to company s strategic goals, taking solid steps in Israel. Zorlu Enerji Group is interested in projects in surrounding geography as well as developing new markets, company is dedicated to carry the experience and know-how, i.e. 50MW wind power plant in Pakistan, to different countries. Zorlu Enerji 2006 Annual Report 7

8 Members of the Board of Directors and Auditors Members of the Board of Directors Zeki Zorlu Chairman of the Board Yüksel Yalova Deputy Chairman of the Board Olgun Zorlu Member of the Board Türkan Zorlu Member of the Board Berrin Zorlu Member of the Board Selen Zorlu Melik Member of the Board Zuhal Bereket Bafl Member of the Board Members of Board of Auditors fierif Ar Hakan Efltürk Period of Duty Members of the Board of Directors and Board of Auditors have been elected at the Periodic Meeting of the Board of Shareholders dated May 16, They will be on duty until the 2006 Fiscal Year General Meeting. Limits of Authority Members of the Board of Directors and Board of Auditors perform their duties in the limits of authority given to them in accordance to Turkish Law of Trade, Main Contract of the Company and other legal regulations. 8 Zorlu Enerji 2006 Annual Report

9 Zorlu Enerji Elektrik Üretim A.fi. Top Management Murat Sungur BURSA Chief Executive Officer Selen ZORLU MEL K Deputy Chief Executive Officer M. Salim ARSLANALP General Manager. Sinan AK Deputy General Manager / Finance Nurflah KOfiAR Deputy General Manager U ur BAYRI Planning and Business Development Director Hüseyin GÜL Power Plant Operation Manager Serhat fi MfiEK Power Plant Operation Manager Zorlu Enerji 2006 Annual Report 9

10 Message from the Chairman

11 Dear Partners, We left behind one more year. Despite the uncertainty created in the energy industry because of high natural gas but low electric prices and also unfair competitive conditions, Zorlu Enerji had a successful year. By strengthening our operational competence and making investments in fields requiring leadership, We achieved a full development on the way to our goals with continuous and profitable growth. We have almost completed the investment contract negotiations for building a natural gas power plant in Israel (Solbar 100 MW) We are continuing project works for a wind power plant construction in Pakistan (50 MW at first stage, to be extended to 300 MW) We are continuing our final feasibility studies for two hydroelectric power plants in Turkey (on Dalaman Stream; Sandalc k, Sami Soydam, MW; Narl, 82.5 MW) Necessary infrastructural work related to the tenders obtained for natural distribution in Trakya and Gaziantep region. Natural gas drill work and production are continuing in the areas of Turkey where licenses are taken. Natural gas power plant maintenance in Turkey and abroad are continuing. For Zorlu Enerji, national or international investments on energy, research, conduction, transportation and distribution will always keep the position of being strategic goals. We believe that Zorlu Enerji will continuously grow in international energy business. While Zorlu is reaching its goals and overcoming the difficulties, our workforce in Zorlu, equipped with modern technology and rational implementations will be our most precious capital. We continued to make investments in Turkey and also in international scale. If we look at the general situation of our investments: We have started the turnkey construction of two natural gas energy plants in Russia (Tereshkovo, 370 MW & 150 Gcal heat; Kojuhovo, 370 MW & 270 Gcal heat), We have signed an investment contract for natural gas power plant in Israel (Agan, 50 MW), We have completed the preliminary engineering and design work of a natural gas power plant in Israel (Dorad, 800 MW) Looking to future By means of teamwork of our qualified labor force, we will adopt the changes in international energy market and keep growing. The policy of saving energy and using energy effectively will be used in structure of Zorlu Enerji carefully and consistently. Zorlu Enerji gives renewable and alternative energy investments a great importance. With my best wishes for a successful Zeki ZORLU Chairman of the Board Zorlu Enerji 2006 Annual Report 11

12 Message from the General Manager

13 Indecision and delay are reason of failure. W. E. Channing Dear Members of Board of Directors, and Partners, As a member who just joined the Zorlu Family in November 2006, I have hesitated for a moment with the thought of whether if I have the right to evaluate a whole year, which is a very difficult year with instability reached its peak in energy industry, however, production run without a break, a year which giant investments got accelerated in order to realize the firsts in Russian Federation and Israel, toughest markets in our region. Our Chairman of the Board of Directors told me that he would cover the necessary subjects; I have decided to use this opportunity to introduce myself to you. It was a difficult year for both Turkey and the entire world. Energy Market seemed like running the World Economy. Thus, sometimes players of this market carried the game beyond the rules. The leaders of developing economies tried to save the day by interventions performed with the pressure of political process and social imbalance. During all these fluctuations, Zorlu Group its decision to grow demonstrated in energy sector and clearly displayed its will to be a Regional Actor with the investments made has become a year that Zorlu Enerji structured its new vision, and parallel to that, continued intensively to form a professional organization. In projections performed in consideration of 2006, energy again became a major actor in global economies. The understanding future of Zorlu Enerji has also changed in accordance to those projections covering minimum of years from now. Fixed investments, service sectors that Zorlu Enerji is in, researches and strategic plan preparations show only one goal; without compromising from its esteem and social responsibilities, in the frame of 5 and 15 years development plans, increasing the market value of Zorlu Enerji to maximum level and become one of the regional leaders. We believe that we will certainly reach that goal. The major input of energy investment is considered as fuel and technology follows that. However, researches exhibit us very clearly that the problem of following decade ahead of us is neither fuel sources nor technology: Qualified Human Power. Qualified and young labor force of Turkey that created the miracles of textile and electronic are the most significant advantages, which will carry Zorlu to the top of energy sector racing with time. Because, Zorlu knows the value of this power, and with the ability of acting brave and quick, success comes by itself. With my best regards, M. Salim Arslanalp General Manager Zorlu Enerji 2006 Annual Report 13

14 Report of the Board of Directors

15 Report of the Board of Directors Structure of Partnership Our company, as a result of opening to public on May 27, 2000, increased its paid capital from YTL to YTL, with an increase of YTL. In addition to that, 2 billion shares of the company (20% of the paid capital), at a base value of YTL presented to public trade in ISE (Istanbul Stock Exchange). (ISE Code: ZOREN) On October 15, 2001, our partners, Zorlu Holding A.fi., Korteks Mensucat Sanayi ve Ticaret A.fi., and Zorlu Linen Dokuma Emprime Konfeksiyon Sanayi ve Ticaret A.fi. have sold 2 billion shares in their portfolio, which are equal to 20% of the whole shares unpublicized to Denizbank A.fi., another partner of our company. On August 26,2002, total sum of YTL ( YTL from Emission Premium, YTL from Revaluation Value Increase Fund, and YTL from extraordinary Reserves) transferred to Capital account, increase in Capital has been approved by Capital Markets Committee decision no 49/1477 dated November 1, Related capital increase is registered at Bursa Commercial Registry Office on November 11, 2002, and publicized in Turkish Trade Registry Journal No on November 28, As of December 19,2002, against the number 1 share coupons of stocks, 700% free of charge stock distribution is done. By the decision of Board of Directors, no 2004/12, dated , issued capital of YTL has been increased to YTL, increase to be covered by 2003 profit shares. This decision has been approved by Documents issued by Capital Markets Committee no 113/849, dated ; and, capital increase has been registered by Bursa Commercial Registry Office on ,08168% of shares distributed free of charge to shareholders against the profit share coupons of On , shares equal to YTL has been transferred from Denizbank to Zorlu D fl Ticaret A.fi. In accordance to Board of Directors decision no. 12, dated , YTL dividends, net profit of 2004, calculated according to new legal regulations has been distributed in cash, between and On , YTL shares, equal to , has been transferred from Denizbank to Zorlu Holding A.fi., and, on , shares, equal to YTL has been transferred from Vestel Komünikasyon San. ve Tic. A.fi. to Zorlu Holding A.fi. Shareholders Number of Shares Nominal Value of Shares (YTL) Share of Capital (%) Zorlu Holding A.fi ,20 Korteks Mensucat A.fi ,50 Other Partners ,30 Total ,00 Zorlu Enerji 2006 Annual Report 15

16 Affiliates

17 Zorlu Endüstriyel ve Enerji Tesisleri nflaat Ticaret A.fi. Zorlu Endüstriyel, with the goal of becoming a preferred undertaking company in energy market, was founded in Company delivers environment friendly solutions at reasonable prices, including services such as feasibility studies, engineering, procurement, turnkey construction and assembly services EPC (Engineering, Procurement, Construction). In this scope, Company took full responsibility during the engineering, supply and assembly stages of power plants owned by Zorlu Enerji, and, by means of the power plants built, company succeeded to create a space for itself and Zorlu Enerji in international market. Zorlu Endüstriyel, which took the EPC responsibility of two Heat-Power plants (150 Gcal 370MWe) in Moscow, and four combined cycle power plants at a capacity of MWe to be build in Israel, is looking for new business opportunities in the frame of growth objectives. Zorlu Endüstriyel already possess the ISO Quality Management System Certificate, will commence OHSAS and ISO certification processes until 2008, and aiming to have a place in first league of EPC sector. Zorlu O&M Enerji Tesisleri flletme ve Bak m Hizmetleri A.fi. Zorlu O&M Enerji Tesisleri flletme ve Bak m Hizmetleri A.fi. was founded in 2000 to provide operation and maintenance services for Zorlu Enerji and other companies in energy sector. Zorlu O&M is the first Turkish company in the field of providing services for power plant operation and maintenance. Company develops new points of view, methods, technologies and strategies appropriate for the current market, and delivers the best service to its customers. Zorlu O&M, having a ISO Quality Management System Certificate, with its well trained and experienced team, delivers quick and customer oriented services by using today s technology in protective and concise maintenance, performance viewing and repair services. The main operations of the company are complete turbine replacement, replacement of hot-section modules, compressor wing repairs, complete power plant maintenance, control systems maintenance and software development studies. Zorlu O&M provides maintenance service for all Zorlu Enerji power plants in Turkey; in addition to those, company also provides long-term operation and maintenance services for Nuh Enerji, Bosen Enerji and Y ld z MDF power plants; company also provides maintenance service for similar power plants in Greece and India. Zorlu O&M has cooperation agreements with General Electric and THY (Turkish Airlines). Long-term operation and maintenance services for projects run by Zorlu Endüstriyel are also undertaken by Zorlu O&M. Zorlu Enerji 2006 Annual Report 17

18 Zorlu Elektrik Enerjisi thalat, hracat ve Toptan Ticaret A.fi. Zorlu Elektrik Enerjisi thalat, hracat ve Toptan Ticaret A.fi. conducts electric wholesale (including import and export) in accordance to the EPDK (EMRA - Energy Market Regulatory Authority). In 2003, Company started operations to buy electric energy and capacity for resale from free zones and countries complying with condition of international interconnection; wholesale to license bearing distribution, wholesale, retail sale companies; direct sale to consumers and to export countries in accordance with international interconnection conditions. Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nflaat San. ve Tic. A.fi. Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nflaat Sanayi ve Ticaret A.fi., expert in the subjects of natural gas, petrol and petrol-chemistry, was founded to create natural gas distribution projects, to build facilities producing petroleum and petrochemical products and to purchase-sell petrol and natural gas in As of the end of 2005, Company has 27 petrol and natural gas search licenses in various locations in Turkey. Company is continuing licensed drill works in Adana and Trakya Regions. Zorlu Petrogas proposed to offer in tenders organized by EPDK and awarded the contracts in both natural gas distribution tenders. Amity Oil International Pty. Ltd. In October 2005, Zorlu Enerji took over Amity Oil International Pty. Ltd., an Australian company operating business on research, production and sale of petrol and natural gas, and this company is now operating under Zorlu Enerji Group. Amity Oil is producing natural gas in cooperation with TPAO, in four locations under license. In two of the licences (Göçerler and Adatepe) Amity Oil and in the other two licences (East Adatepe and Çay rdere) TPAO is currently working as operator. Amity Oil produces natural gas at 13 sources at Göçerler region and sells this gas to local industrial companies. In addition to these, studies to increase the number of existing drilling operations and natural gas production fields are continuing. 18 Zorlu Enerji 2006 Annual Report

19 Zorlu Do algaz thalat hracat ve Toptan Ticaret A.fi. In 2003, Company started operations to buy domestic product from importers and other wholesale companies, free zones and from abroad in form of Compressed Natural Gas (CNG) or Liquidized Natural Gas (LNG), for resale; wholesale to license owning distribution, wholesale, retail sale companies; direct sale to consumers and wholesale to exporting companies. Company is granted qualification from EPDK (EMRA- Energy Market Regulatory Authority) to purchase-wholesale, import and export natural gas and to give a proposal for the tender of BOTAfi; Company is in progress for preparations parallel to phases of this tender. Trakya Bölgesi Do algaz Da t m A.fi. In August 2005, tender held by EPDK in accordance to Law no 4646 of Natural Gas Market, Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nfl. San. ve Tic. A.fi. obtained the contract for natural gas distribution for 30 years in Tekirda, Muratl, Edirne, K rklareli, Kavakl, Babaeski, Lüleburgaz, Evrensekiz, Büyükkar flt ran, Misinli, Ulafl, Çerkezköy, Kapakl, K z lp nar, Karaa aç, Velimefle, Veliköy residential areas. In order to continue operations in this region, Trakya Bölgesi Do algaz Da t m A.fi. is founded. Distribution Company has completed preliminary preparations and received the distribution license on January 25, 2006; and started the preparations of infrastructure for distribution. Upon transfer of natural gas pipelines providing natural gas for houses and industrial consumers in the region, Trakya Bölgesi Do algaz Da t m A.fi. will start supplying gas for existing and future consumers and will operate this business for 30 years. Company accelerated the work for this reason and completed administrative offices in 5 locations and started operations. Gazdafl Gaziantep Do algaz Da t m A.fi. In August 2005, tender held by EPDK in accordance to Law no 4646 of Natural Gas Market, Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nfl. San. ve Tic. A.fi. obtained the contract for natural gas distribution for 30 years in Gaziantep, Kilis and Nizip residential areas. In order to continue operations in this region, Gazdafl Gaziantep Do algaz Da t m A.fi. is founded. Distribution Company has received the license on February 24, 2006; and, started the preparations of infrastructure for distribution in the first months of Upon transfer of natural gas pipelines providing natural gas for houses and industrial consumers in the region, Gazdafl will start supplying gas for existing and future industrial consumers and will operate this business for 30 years. Company accelerated the work for this reason and completed administrative offices in 2 locations and started operations. Zorlu Enerji 2006 Annual Report 19

20

21 Participations as of Capital of Rate of Amount of Name of the Company Participation (YTL) Participation (%) Participation (YTL) 1. Zorlu O&M Enerji Tesisleri flletme ve Bak m Hizmetleri A.fi Zorlu Endüstriyel ve Enerji Tesisleri nflaat Ticaret A.fi Zorlu Petrogas Petrol, Gaz ve Petrokimya Ürünleri nfl. San. ve Tic.A.fi Zorlu Do algaz thalat, hracat ve Toptan Ticaret A.fi Zorlu Elektrik Enerjisi thalat, hracat ve Toptan Ticaret A.fi Gazdafl Gaziantep Do algaz Da t m A.fi Trakya Bölgesi Do algaz Da t m A.fi Rosmiks International B.V Participations did not distribute dividend in Zorlu Enerji 2006 Annual Report 21

22 Power Plants Location : Büyükkar flt ran, Lüleburgaz-K rklareli Type of Power Plant Natural Gas Alternate Cogeneration Energy Capacity Year of Completion Phase I Phase II Phase III Phase IV Phase V 65.7 MW Electricity t/h Steam 1998 (2 x EGT Gas Turbine + Boiler) 1999 (1 x LM6000 Gas Turbine + Boiler) 2000 (1 x Steam Turbine) 1999 (Customer Steam Lines Construction) 2005 (Upgrading AGT Gas Turbine Boilers to Aalborg high pressure Boiler and 5 MW additional energy can be obtained from existing steam turbine) Location : Bursa Organize Sanayi Bölgesi (Bursa Organized Industrial Zone) Type of Power Plant Alternate Combined Cycle Capacity Year of Completion 90 MW Electricity Phase I 1998 (1 x GE LM Gas Turbine 26.5 MW + DESA Furnace MW Siemens Steam Turbine) Phase II 2000 (1 x GE LM6000 Gas Turbine 42.5 MW + Aalborg Boiler MW ABB Steam Turbine) Cogeneration power plant in Lüleburgaz operating with dual fuel is the first power plant of Zorlu Enerji. It was built to provide electricity and steam needed by textile factory owned by Zorlu Group. Later, in order to supply electricity to other customers phase II was built and second and third phases started operation in In order to supply the demand of steam requested by neighboring factories, customer steam line has been constructed. Finally, in order to supply efficiently the increasing need for steam, upgrade work has been started and fifth phase has been completed in third quarter of Second power plant of Zorlu Enerji is installed in Bursa Organized Industrial Zone and designed to operate with dual fuel. First phase started operation in third quarter of 1998 and second phase started operation in third quarter of Zorlu Enerji 2006 Annual Report

23 Location Ankara Organized Industrial Zone Type of Power Plant Natural Gas Combined Cycle Capacity 50.3 MW Year of Completion 2003 (1 x GE LM6000 Gas Turbine 39.7 MW + Aalborg Boiler + Alstom Steam Turbine 10.6 MW) Location Alt nova / pekka t Tic. A.fi. / Yalova Type of Power Plant Natural Gas Alternate Cogeneration Energy Capacity 15.9 MW Electricity + 30 t/h Steam Year of Completion 2005 (1 x Gas Turbine + 1x Gas Engine + Boilers) Natural gas combined cycle power plant investment with production capacity of 55 MW completed and started to be used for commercial purpose in second quarter of Natural gas cogeneration power plant investment with production capacity of 16 MW electricity and 30 t/h steam completed and started to be used for commercial purpose in last quarter of Location Kayseri Organized Industrial Zone Type of Power Plant Natural Gas Alternate Combined Cycle Capacity MW Year of Completion 2005 (3 x GE LM6000 Gas Turbine 3 x 42,5 MW + 3 x Boiler + Siemens Steam Turbine 33,5 MW) Location Kayseri Central Organized Industrial Zone / Birlik Mensucat Enterprises Type of Power Plant Natural Gas Alternate Cogeneration Energy Capacity 7.2 MW Electricity + 15 t/h Steam Year of Completion 2006 (1 x Gas Turbine + Boiler) Natural gas combined cycle power plant investment with production capacity of 164 MW completed and started to be used for commercial purpose in third quarter of Natural gas cogeneration power plant, started being operated for commercial purpose in second quarter of 2006, has capacity of 7.3 MW electricity and 15 t/h steam. Zorlu Enerji 2006 Annual Report 23

24 Domestic and International Operations

25 Besides the ones in Turkey, Zorlu Enerji Group have investments in Russia and Israel. In Russia operations will start at the end of Construction of power plants in Israel will also be started in Zorlu Enerji Elektrik Üretim A.fi., the first company of Zorlu Enerji Group, is supplying total of approximately 420 MW of uninterrupted and high quality energy for industrial enterprises at capacity of 90 MW in Bursa, 50.3 MW in Ankara, with two power plants at capacity of and 7.2 MW in Kayseri, 65.7 MW in Lüleburgaz and 15.9 MW in Yalova. Giving great importance to various energy sources, Zorlu Enerji is aiming to include different types of power plants generating energy from different sources, such as hydroelectric, wind, coal, geothermic and other renewable sources, into its portfolio. In accordance with this target company is following alternative projects in Turkey and abroad and also the privatization of stages realized by the governments. Zorlu Enerji Group formed partnerships with foreign companies, in order to undertake four important projects in Israel. These projects are: Project Dorad: It is a natural gas power plant with production capacity of 800 MW. It is expected to be completed in Project Solbar: It is a cogeneration power plant with production capacity of 100 MW of electricity and 70 t/h of steam. It is expected to be completed in Project Agan: It is a cogeneration power plant with production capacity of 50 MW of electricity and 40 t/h of steam. It is expected to be completed in Project Macteshim: It is a cogeneration power plant with production capacity of 100 MW of electricity and 70 t/h of steam. It is expected to be completed in ICFS International LLC, which Zorlu Enerji has formed a partnership with 51% of share, has 100% of Rosmiks in Russia. In 2005, Rosmiks obtained the contracts by tender organized by Municipality of Moscow for Tereshkovo and Kojuhovo regions. Municipality of Moscow granted the work of increasing the capacity of the power plant in Kojuhovo from 170 MW to 550MW and increasing the capacity of the power plant in Tereshkovo from 170 MW to 340 MW to Rosmiks LLC. Both projects are expected to be completed at the end of For these power plants that will be built by Zorlu Endüstriyel long term operation and maintenance works will be provided by Zorlu O&M Enerji Tesisleri flletme ve Bak m Hizmetleri A.fi. Besides for all the power plants of Zorlu Enerji in Turkey, Zorlu O&M provides maintenance and operation services for other private enterprises power plants, too. Zorlu O&M provides services for customers in Greece and India. Zorlu Enerji Group conducts business in natural gas and petrol with Zorlu Petrogas which has 25 natural gas and petrol search licenses. Amity Oil International Pty. Ltd., producing natural gas from the sources in Trakya region, and taken over by Zorlu Petrogas in 2005, is selling natural gas to industrial customers operating in the same region. Zorlu Enerji Group that has started natural gas distribution business in Trakya and Gaziantep regions, is continuing infrastructure works through Trakya Bölgesi Do algaz Da t m A.fi. and Gazdafl Gaziantep Do algaz Da t m A.fi., which are founded for distributing natural gas to their region and have the related licenses. Zorlu Enerji 2006 Annual Report 25

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