Latest earthquake: Turkey declares three-month state of emergency

(Bloomberg) —

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Turkey has declared a three-month state of emergency in areas hit by two powerful earthquakes earlier this week, giving the government more leeway for rescue and reconstruction efforts.

Emergency teams are racing against the clock to potentially rescue thousands of victims trapped in rubble after ten Turkish cities were hit on Monday. The death toll in Turkey and neighboring Syria has surpassed 5,000, while more than 11,000 buildings were damaged by the tremors, many of them trapped in freezing temperatures.

President Recep Tayyip Erdogan’s government is overwhelmed by the scale of the logistical problems and the assistance needed to help the 13.4 million people living in the disaster-hit areas. Many countries have pledged help, including the United States.

The twin earthquakes, measuring 7.7 and 7.6 in magnitude, struck southeast Turkey and caused widespread destruction there and in neighboring Syria. Roads and airports were damaged while the flow of crude oil to a key export terminal was halted for more than 24 hours as a precaution.

Important Developments

• Earthquake death toll in Turkey and Syria reaches 4,000 as aid supplies flow in from overseas

• Turkey orders crude oil flows to resume at Ceyhan terminal

• CityLab Daily: The city hardest hit by the earthquake in Turkey

• BTC oil port to remain closed until Wednesday after earthquake: port agent

• Twin quakes in Turkey kill thousands: Middle East newsletter

(All times Istanbul, GMT +3)

International relief efforts continue with UAE pledge (4:34 p.m.)

According to the state news agency WAM, the President of the United Arab Emirates, Sheikh Mohammed bin Zayed, will grant $100 million in aid to earthquake victims in Syria and Turkey, which will be divided equally between the two countries.

Rescue teams from Romania, Switzerland, Azerbaijan and Lebanon have already been deployed to the earthquake zone, Turkey’s Vice President Fuat Oktay said, as part of a broad international effort to respond quickly to the crisis. Many other countries have also offered help.

According to the EU Commission, the European Union has sent more than 1,150 rescue workers from 19 European countries.

Here are the oil pipelines affected by the earthquakes

The two pipelines transport oil from Azerbaijan and Iraq to Turkey’s Ceyhan terminal on the Mediterranean coast for export to world markets.

Turkey ordered rivers to resume early Tuesday following post-earthquake reviews. Iraq’s state-owned oil company said it hopes to resume Tuesday afternoon.

AK Party ruling lawmaker dead in earthquake (4:15 p.m.)

Erdogan’s ruling AK deputy Yakup Tas was killed in the earthquake in Adiyaman province, parliament spokesman Mustafa Sentop said on Twitter.

Turkey’s public spending could reach 5.5% of GDP (3:22 ​​p.m.)

According to Bloomberg Economics, post-quake disaster-related public spending, including recovery efforts, could exceed 5.5% of GDP. A government-backed loan program could very likely lead to a higher number and violate the government’s fiscal targets. The calculations take into account government spending after previous high-magnitude earthquakes

Erdogan declares a state of emergency (2:53 p.m.)

Turkish President Erdogan has declared a three-month state of emergency in ten provinces to deal with the aftermath of the twin earthquakes.

The emergency rule, which has to be approved by Parliament, would allow the government to take extraordinary security and financial measures in the affected areas.

Turkey’s death toll rose to 3,549, according to Erdogan, with more than 20,000 injured. Nearly 1,600 dead have been confirmed in Syria, including both government- and rebel-held areas, according to the Associated Press.

Turkish Stocks Sell-off Deepens (2:27 p.m.)

Turkey’s benchmark Borsa Istanbul 100 index extended its decline to 7.8% as it resumed trading after triggering a second market-wide circuit breaker at 7%. Shares continued a sell-off that began Monday after the two big earthquakes, with 97 stocks falling.

The 10-year government bond yield rose 55 basis points to 11.57%, a 12-week high.

Turkey Orders Resumption of Crude Oil Flow to Ceyhan Terminal (11:20 am)

Turkey has ordered the resumption of oil flows to its Ceyhan export terminal on the Mediterranean, according to an official with direct knowledge of the matter. The state pipeline operator stopped the flow as a precaution Monday morning and ordered it to restart after completing its checks, the official said, adding that the flow will begin shortly.

Iraq hopes to pump oil through Turkey again Tuesday afternoon after security checks revealed no damage.

Turkish helpers, ships, planes in civil protection (10:40 a.m.)

Turkey said it deployed a total of 24,443 rescue workers, 10 ships and more than 50 planes to pull casualties from damaged buildings and evacuate some of the injured from the disaster area.

Oil Prices Rise Due to Ceyhan Export Halt (10:24 am)

Oil prices rose on Tuesday in part due to an export halt from Turkey’s Ceyhan terminal on the Mediterranean Sea.

The Ceyhan facility, which serves Azerbaijani oil, will be closed on Tuesday and Wednesday, Tribeca Shipping, a port agent, said on Monday. It’s unclear if the rest of the terminal — including the parts handling Iraqi flows — will also close for this period.

Iskenderun Port Blaze Tobt (6:00 AM)

Firefighters have been battling blazes in a section of the port of Iskenderun on Turkey’s Mediterranean coast, damaging an area where a number of shipping containers were located, state agency Anadolu reported.

–With support from Firat Kozok, Beril Akman, Ugur Yilmaz, Tugce Ozsoy, Taylan Bilgic, Inci Ozbek, Kateryna Kadabashy, Demetrios Pogkas and Gina Turner.

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