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Three quarters of Nord Stream 2 pipeline complete

- Once completed, Nord Stream will have capacity to transport 55 billion cubic meters of gas per year from Russia to Europe

27.08.2019 Natural Gas , Projects , Europe , General

UK backs clean energy projects in S. Africa with £14M

- Projects expected to power nearly 200,000 homes annually

20.08.2019 Renewable , Projects , Invesments , Middle East-Africa

Welsh, Irish coast gets €1.3M to aid with climate change

- EU funding to help locals observe and record data about coastal environment to strengthen businesses against climate change

10.08.2019 Projects , International Relations , Energy Projects , Europe

Turkey eyes enhanced trade, defense with Philippines

- Turkish foreign minister meets his Philippine counterpart Teodoro Locsin as part of ASEAN meeting

30.07.2019 Projects , International Relations , Asia

Top 10 wind turbine makers to spend €2.3B on R&D by 2023

- Wood Mackenzie reports shows that almost 100 new turbine models will hit the market by 2024

25.07.2019 Wind , Projects , Electricity , World , Asia , General

UK-Denmark power link gets green light with €1.1B deal

- Construction of the Viking Link is expected to be completed by the end of 2023

25.07.2019 Electricity , Projects , Europe

BP to join Bunge in new ethanol venture in Brazil

- Joint venture to have 32 million metric tonnes of combined crushing capacity per year

24.07.2019 Renewable , Projects , Americas

Saudi Aramco awards oil, gas contracts worth $18B

- Company plans to boost Marjan and Berri fields’ output capacity by 550,000 barrels per day of oil

11.07.2019 Oil , Projects , Invesments , Middle East-Africa

Kazakhstan aims to become Eurasian financial leader

- Roadmap focuses on improving institutional oversight, and expanding capital markets in both conventional and Islamic finance

06.07.2019 Projects , Invesments , International Relations , Eurasia , Asia

Scotland's green economy gets £10 million boost

- Electric bike hire schemes, electric bin lorries, zero-emission buses, community hydropower station among selected projects

03.07.2019 Renewable , Projects , Invesments , Europe

US-led economic conference kicks off in Bahrain

-Jared Kushner describes the "deal of the century" as "opportunity of the century"

26.06.2019 Projects , Americas

Eni, NextChem to turn waste into energy

- New technology reuses large amounts of non-recyclable waste to produce chemical products and fuel

10.06.2019 Projects

European consortium launches carbon capture project

- Industrial-scale project has €19.3 milion budget and is part of Horizon 2020, EU’s research and innovation program

30.05.2019 Projects , Energy Projects , News from companies , Europe , General

EBRD, Turkish bank sign $112M financing agreement

- European, Turkish banks to jointly provide financing for Turkish businesses

29.05.2019 Projects , Invesments , Turkey

UK to ban plastic straws, stirrers & buds in Apr. 2020

- In England, 4.7 billion plastic straws, 316 million plastic stirrers, 1.8 billion plastic-stemmed cotton buds are used annually

24.05.2019 Renewable , Projects , Europe

Wales plans floating homes under new tidal lagoon proj.

- Construction could start in 2021, with project operational by end of 2026

23.05.2019 Renewable , Projects , Europe

Scotland supporting electric biking with £1.14m fund

- 45 projects and 460 e-bikes, e-cargo bikes and e-trikes were funded in previous two rounds of scheme

17.05.2019 Projects , Invesments , Europe

Gazprom confirms first gas via TurkStream by December

- Sub-sea section and Russia's land section have been finished while Turkey's onshore section is nearly 73% complete

16.05.2019 Natural Gas , Projects , Turkey , Eurasia , General

Nonprofits to track world-wide power plant emissions

- Project, with $1.7 million funding from Google, will use global satellite network to collect data from space

10.05.2019 Projects , Renewable , World

Qatar Petroleum tasks firms to dig 80 new gas wells

- Qatar Petroleum aims to increase its production capacity from 77 million tonnes of LNG to 110 million tonnes a year

02.05.2019 Lng/Lpg , Projects , Middle East-Africa , General

ExxonMobil net income falls almost 50% in first quarter

- US major posts net income of $2.35 billion in first quarter of 2019, down from $4.65 billion for same period last year

29.04.2019 Lng/Lpg , Upstream , Projects , Americas

Turkish business delegation visits Mali to boost trade

- ‘Our target is raising trade volume between two countries to high-level,’ says head of Turkey-Mali Business Council of DEIK

20.04.2019 Projects

Business circle hails Bosnia wood industry potential

- Participants discuss possible investments, challenges in wood industry

19.04.2019 Projects , Europe , General

Kinder Morgan income rises 14% in first quarter of 2019

- Net income rose to $556 million in first quarter from $485 million for same period of 2018

19.04.2019 Downstream , Downstream , Projects , Americas

Vattenfall to launch pilot storage project in Berlin

- Pilot Reuter thermal power plant in Berlin will test storage of renewable energy in salt

11.04.2019 Projects , Renewable , Europe , General

Shell to sell US Gulf of Mexico asset for $965 million

- Caesar-Tonga asset, in which Shell has 22.45% interest, produces 70,000 barrels of oil equivalent per day

12.04.2019 Upstream , Projects , Europe , Americas

Turkey set to invest $11B in energy efficiency

- Country also hopes to cutmarc primary energy consumption 14%, says deputy energy and natural resources minister

10.04.2019 Renewable , Finance , Projects , Invesments , Renewable , Europe

Renewables, electrification can reduce 75% of emissions

- IRENA's new report finds every dollar spent on energy transition will pay off by up to seven times

10.04.2019 Finance , Projects , Invesments , Renewable , World , Turkey , Europe

Venezuela to pay $8.7B compensation to ConocoPhillips

- A tribunal ruled that ConocoPhillips’ investments in three oil projects in Venezuela violated international law

12.03.2019 Projects , International Organization , Americas

TurkStream's Kiyikoy receiving terminal 50% completed

- After terminal construction is complete, series of tests will be carried out in preparation for transmission by end of 2019

12.03.2019 Natural Gas , Projects , Turkey , Eurasia , General

S&P revises Mexico's Pemex outlook to negative

- Pemex decision comes three days after Standard & Poor's revises down Mexico's outlook

06.03.2019 Projects , Oil , Americas

Cheniere's 1st LNG train in Texas facility completed

- Train 1 is one of three LNG trains that will have total production capacity of up to 13.5 million tonnes per annum

06.03.2019 Lng/Lpg , Projects , Natural Gas , Americas

Shell joins consortium for waste-to-chemicals facility

- Facility will be first in Europe to make chemicals and biofuels out of non-recyclable waste materials

05.03.2019 Refining/Petro Chemistry , Projects , Europe

UK's RockRose to buy Marathon Oil ops. in North Sea

- Deal will add 13,000 barrels of daily oil equivalent production in 2019 and represents Marathon Oil's exit from UK

27.02.2019 Upstream , Projects , Europe

26 European islands launch clean energy transition

- Many EU islands currently depend on expensive fossil fuel imports, European Commission says

20.02.2019 Renewable , Projects , Europe

Turkish firm produces indigenous diesel engine

- Erinmotor's fuel-saving single-cylinder diesel engine, the fruit of 10 years of R&D, beats competitors on price

11.02.2019 Projects , Turkey

Chevron is 1st US energy major to tie pay to emissions

- Company targets reduction of methane emissions intensity by 20 to 25 percent from 2016 to 2023

08.02.2019 Projects , Oil , Americas

2018 is record year for US wind: Wind Energy Assn.

- Contracts for wind capacity rises 66 percent from previous year

01.02.2019 Wind , Projects , Americas

US major to lead gas-for-power project in Vietnam

- The project could generate $20 billion in revenue for the Vietnamese government

01.02.2019 Upstream , Projects , Asia , Americas

Railways to benefit more for energy, environment: IEA

- Rail carries 8% of passengers and 7% of freight globally, but only represents 2 percent of transport energy demand

31.01.2019 Projects , International Organization , Asia

US trying to tip balance in Venezuela via oil sanctions

- Washington's move will likely 'lead to a large loss of export earnings in the next few months,' expert says

31.01.2019 Refining/Petro Chemistry , Projects , International Relations , Americas

EBRD to finance low-emission CNG buses for Skopje

- Bank provides €10 million loan to buy 35 compressed natural gas buses and strengthen city-owned bus company JSP

29.01.2019 Natural Gas , Projects , Europe , General

'Turkey determined to boost hybrid, electric car sales'

- Low-consumption, environmentally friendly auto technologies in Turkey is vital, says Turkish vice president

29.01.2019 Electricity , Projects , Turkey

Endesa launches project for European energy platform

- Project CoordiNet, co-financed by EU, aims to open electricity markets to consumers

29.01.2019 Electricity , Renewable , Projects , Energy Projects , News from companies , Europe , General

EBRD arranges €150M loan for Ukraine's largest wind farm

- 250-MW wind farm will be built in Kherson region of southern Ukraine

25.01.2019 Projects , Invesments , Energy Projects , Europe

Turkish firm exports custom design vehicles to world

- DizaynVip's export prices range between $300 and $1,100 per kg, says head of company

17.01.2019 Projects , Turkey , General

Exxon, IBM to research quantum computing for energy

- Advances in quantum computing could provide ExxonMobil the necessary tools to overcome issues in energy industry

10.01.2019 Projects , Americas

Sadr’s bloc slams presence of US troops in Baghdad

- U.S. troops ended their combat operations in Iraq in 2010

06.01.2019 Projects , Energy Security , Middle East-Africa , General

Turkey improves border security with smart system

- 24 miles of security wall built on Turkey-Syria border are protected by domestically produced Smart Border Security System

07.01.2019 Projects , Turkey , General

Oil begins 2019 with losses amid oversupply, weak data

- Purchasing managers’ index in Taiwan, China shows contraction

03.01.2019 Upstream , Projects , Asia , Americas

Turkish firm pitches payment app for Mideast, N.Africa

- Blockchain-based payment project Menapay is in line with Islamic finance rules, says its chief marketing officer

31.12.2018 Projects

Eni starts bio-oil production in Syndial plant

- Gela pilot plant has a bio-oil production capacity of approximately 70 kg per day of organic waste

28.12.2018 Finance , Projects , Renewable , Europe , General

Turkey lowers limit for power users to switch suppliers

- Turkey lowers eligibility limit for electricity customers to choose preferred power supplier from 2,000 kWh to 1,600 kWh

22.12.2018 Electricity , Projects , Turkey , General

SOCAR, BP consider forming petrochem facility in Turkey

-Proposed facility in Izmir would produce 1.25 million tonnes of purified terephthalic acid, and 840,000 tonnes of paraxylene

21.12.2018 Natural Gas , Oil , Projects , Turkey , General

EBRD stops financing coal-related energy projects

- European development bank puts decarbonization at center of its new energy strategy for next five years

14.12.2018 Renewable , Finance , Projects , Invesments , World , General

China, India and US to drive global power transmission

- Global market value of power transmission and distribution reached $103.50 billion between 2013 to 2017

06.12.2018 Electricity , Projects , Europe , Eurasia , Asia , Americas , General

Turkey starts shallow water drilling in Med. Sea

- In scope of project, first well will be constructed off North Erdemli in Mersin,119 sea miles from land

27.11.2018 Natural Gas , Oil , Projects , Turkey , Europe , General

Climate finance sees boost in 2015–2016: UN report

- Climate finance continues to go towards efforts to curb greenhouse gas emissions

27.11.2018 Projects , Renewable , Europe , Asia , Americas , General

Siemens Gamesa sells three PV power plants in Spain

- SGRE sells plants in Huesca, Murcia and Huelva provinces to Spain's Aurea Capital as part of non-core asset disposal

21.11.2018 Solar , Projects , Renewable , General

IRENA, Abu Dhabi Fund to boost renewable projects

- Abu Dhabi Fund for Development has allocated $350M for state-guaranteed renewable energy projects in developing countries

15.11.2018 Projects , Renewable , Energy Projects , General

Istanbul Airport, 'world's new hub,' officially opened

- President Erdogan says Istanbul Airport to be model to world with its architecture, construction, operation, and financing

30.10.2018 Finance , Projects , Invesments , Turkey

Turkey scans potential areas for mineral resources

- On project completion, Turkey will be among top 8 countries globally in airborne geophysical survey sector: Energy minister

23.10.2018 Projects , Turkey

India's renewables to supply 13% of power in 5 years

- The country aims to have a renewable capacity of 175 GW by 2022

16.10.2018 Finance , Solar , Projects , Asia , General

Turkish firm produces smallest home heating unit

- World's smallest home heating unit Minerwa to be exported to UK, Denmark and Italy

13.10.2018 Projects , Turkey

New York announces $40M fund for solar-powered storage

- Funding advances progress of New York's ambitious target to have 1,500 megawatts of energy storage by 2025

12.10.2018 Solar , Projects , Americas

S. Arabia to build oil refinery in Pakistan

- Refinery in Gwadar to be world's 3rd biggest

04.10.2018 Oil , Finance , Projects , General

Japan's Mitsubishi to join Shell LNG Canada project

- LNG Canada will have combined capacity of 14 million tons per year

02.10.2018 Lng/Lpg , Projects , Asia , General

BASF, LetterOne sign deal to merge Wintershall, DEA

- Deal expected to close in first half of 2019, pending approval from authorities

28.09.2018 Natural Gas , Oil , Projects , Europe , General

Novatek reveals big hydrocarbon find in Utrenneye field

- New find at Russian Utrenneye Field is estimated as 405 bln. cubic meters of natural gas and 40 mln. tons of gas condensate

20.09.2018 Natural Gas , Oil , Projects , Eurasia , General

World's 1st hydrogen-powered train launches in Germany

- Germany launches world's first hydrogen fuel cells that turn hydrogen and oxygen into electricity

19.09.2018 Projects , Renewable , Europe , General

Free rides for people who recycle in Istanbul

- Passengers to receive free credit on their train/bus cards in exchange of plastic bottles, cans

09.09.2018 Projects , Turkey

Pioneering Spirit sets offshore pipe-laying world record

- The vessel, which belongs to Allseas company, is currently laying second line of TurkStream natural gas pipeline project

29.08.2018 Natural Gas , Projects , Turkey , Europe , Eurasia , General

India needs to ensure greater coordination for EVs

-Data and analytics company GlobalData says India needs coordinated effort by different sectors for greater EV deployment

14.08.2018 Electricity , Finance , Projects , General

Bulgaria braces for TurkStream 2 with gas flow boost

- Bulgaria will keep options open for TurkStream 2 gas by having several gas connections with Southeastern European countries

08.08.2018 Natural Gas , Projects , Turkey , Europe , General

TANAP receives €5 million in support from EC

- Since 2014, TANAP received €15 million in total from European Union programs

31.07.2018 Projects , Turkey , Europe , General

EIB loans €24 million for 2 wind farms in Greece

-European Investment Bank signs €24 million loan with Terna Energy to support construction, operation of two farms in north

19.07.2018 Wind , Projects , Invesments , Europe

Equinor to buy Danske Commodities for €400 million

- Purchase of one of Europe’s largest short-term electricity traders supports Equinor’s expansion to become broad energy co.

07.07.2018 Finance , Projects , Europe , General

Turkey's Zorlu joins EU zero emissions geothermal proj.

- EU project includes Zorlu Energy and Middle East Technical University as Turkey's participants

05.07.2018 Geothermal/Biomass , Projects , Turkey , Europe

Turkish auto market narrows in first half of year

- Auto sales drop nearly 12 pct while car sales see decrease of nearly 10 pct in first 6-month period

03.07.2018 Projects , Turkey , General

Germany to launch 3rd offshore wind tender for 670 MW

-Bid price cap is planned to be 0.063 per kilowatt-hour and deadline for bids is Aug. 1, local media say

28.06.2018 Finance , Wind , Projects , Europe , General

US to give up to $4.45M to enhance geothermal systems

-Department of Energy says zonal isolation technologies can 'radically' improve performance of manmade geothermal reservoirs

26.06.2018 Geothermal/Biomass , Projects , Renewable , General

Brent oil trades at $75.04 at week ending June 22

- OPEC, non-OPEC producers meeting in Vienna on Friday and Saturday to decide whether to increase their production levels

23.06.2018 Oil , Projects , General

Eni sells 10pct stake in offshore oil field in Egypt

-Italian energy company says it finalized 10 percent stake sale in Shorouk concession to Mubadala Petroleum

21.06.2018 Oil , Finance , Projects , General

Uncertainty weighs at OPEC meeting: Wood Mackenzie

-Decision-makers must reach a consensus in the face of uncertain circumstances, says lead analyst at research institute

21.06.2018 Oil , Downstream , Upstream , Projects , General

Russia's Gazprom to loan €2.14B to TurkStream operator

- TurkStream will serve Europe and Turkey with 31.5 billion cubic meters of natural gas capacity

05.06.2018 Natural Gas , Projects , Turkey , Eurasia , General

Electric vehicles hit 3 mln in 2017: Int. Energy Agency

- Growth in electric vehicles (EV) is developing with rise in charging infrastructure, Global EV Outlook 2018 report shows

30.05.2018 Electricity , Projects , Renewable , World , Asia , Americas , General

UK's Royal Bank of Scotland quits coal power financing

-Bank introduces new energy financing policies to fund sustainable energy sector and support low carbon transition

30.05.2018 Renewable , Coal , Projects , Europe

European bank invests €70M in Turkish-run marinas chain

- European Bank for Reconstruction and Development acquires nearly 25 pct stake in D Marinas BV

30.05.2018 Projects , Turkey

Borusan EnBW, Vestas to coop. for Turkish wind turbines

- Borusan EnBW and Vestas agree wind tender purchase for Borusan EnBW's projects in Turkey

29.05.2018 Wind , Projects , Invesments , Turkey , General

BMW's wireless charging production to start in July

- Electric energy will be wirelessly transmitted to vehicle’s high-voltage battery with BMW's new charging system

28.05.2018 Projects , Europe

US to fund $110.5m. for innovative energy technologies

- US Department of Energy will provide funding for innovative energy technologies from vehicles to marine energy devices

03.05.2018 Projects , Renewable , Americas , General

BP profits surge by 71 percent in Q1

- British Petroleum's underlying replacement cost profit for first quarter of 2018 reach $2.6 billion

01.05.2018 Oil , Projects , Europe , General

Deals worth $12B signed at aeronautical expo in Turkey

- Mediterranean city of Antalya hosts 5-day event

30.04.2018 Projects , Turkey , General

Erdogan: Canal Istanbul post-election priority

- Turkish president says Istanbul's artificial waterway to be first initiative of new government after June 24 early elections

30.04.2018 Projects , Invesments , Turkey

TANAP to deliver first commercial gas on June 30

- The project came in under budget from the original $11.7 billion down to $7.99 billion

19.04.2018 Natural Gas , Projects , Energy Diplomacy , Turkey , Eurasia , General

Wall Street falls 2 percent amid trade war fears

- Dow falls 572 points and posts a weekly decline of 0.7 percent

07.04.2018 Projects , Invesments , General

Nord Stream II receives permit from Finland

- Finnish government gives consent to Nord Stream II gas pipeline project

06.04.2018 Natural Gas , Projects , Europe , Eurasia , General

Norway's Statoil awards $1.4B contracts to rig builders

- Johan Sverdrup field is expected to have resources of between 2-3 billion barrels of oil equivalent

06.04.2018 Projects , Europe , General

OPEC and non-OPEC reach 138% conformity for oil cuts

- Declaration of Cooperation continues to have a transformative effect on the global oil industry, OPEC says

22.03.2018 Oil , Projects , Energy Diplomacy , International Organization , General

3 Dev. banks allot $425M to emerging green bond market

- EBRD subscribes $68.5 million in "Amundi Planet – Emerging Green One", the world’s largest green bond fund

20.03.2018 Projects , Invesments , Renewable , Turkey , Europe , General

Brent oil trades above $67 at week beginning Feb. 26

- Brent crude at $67.19 per barrel while WTI sees $63.78 on Monday

26.02.2018 Oil , Projects , Middle East-Africa , General

Turkey's 2nd renewables project to be clear by mid-year

- Nigde-Bor and Karaman in Central Anatolia are possible regions for 2nd Renewable Energy Resource Zone Project: GUNDER Head

21.02.2018 Solar , Projects , Renewable , Turkey , General

German small, medium wind projects under threat

- Large wind investors are domineering wind auctions and threatening community-based projects in Germany

14.02.2018 Wind , Projects , Europe

Turkish deputy PM praises Islamic bank's initiatives

- Islamic Development Bank Group's Engage Platform and Transformation Fund programs introduced in Turkey's capital

12.02.2018 Projects , Turkey

Turkey plans fresh water supply to drought-hit island

- Gevas mayor says 'incredible' project to prevent desertification of Akdamar Island

12.02.2018 Projects , Renewable , Turkey

Turkey's daily power consumption up 2.90% on Oct.15

Turkey to restructure $10 billion energy finance in '19

EDF adds further €1.5 bln to French nuke plant costs

Belarus may reduce natural gas imports from Russia

Turkey's daily power consumption down 0.04% on Oct.17

Turkey's daily power consumption up 2.90% on Oct.15

Turkey to restructure $10 billion energy finance in '19

Spot market electricity prices for Saturday, Oct. 5

Turkey's daily power consumption up 2.90% on Oct.15

Turkey to restructure $10 billion energy finance in '19

Turkey's daily power consumption down 0.44% on Oct. 4

Turkey's licensed power generation falls 3.41% in July

Valeura's Turkey activities unaffected by Syria operation

Turkey slams trilateral summit on Cyprus issue

Turkish drillship Yavuz reaches Guzelyurt-1 location

Record US gas production pushes prices to 20-year lows

Turkey starts producing oil with fracking: Erdogan

Oil shale has dominant role in Estonia’s energy mix: IEA

Abu Dhabi launches bid round 2 for 5 exploration blocks

‘Ankara to always protect Turkish Cypriots’ rights’

Study shows Turkey is natural gas ready for winter

Spot market natural gas prices for Tuesday, Sept 10

Gas vehicles are cheaper, cleaner, better: Gazprom

Turkey hits LNG import record in 1H19, US LNG soars

Total launches its first large LNG bunker vessel

Russia's LNG exports up 48.9% in Jan-Aug

Qatar to store more than 5M tons of CO2 a year by 2025

Turkey's LPG imports down over 2.14% in July 2019

US crude oil production remains at record high level

Valeura's Turkey activities unaffected by Syria operation

Gulf of Mexico crude production to continue records: EIA

Oil demand to fall in early 2020 before recovery: Report

Oil heads for 5% weekly loss with weak data, low demand

Oil recovers after weak US data prompts slowdown

France to send experts for probe of Saudi oil attack

World to focus on climate summit amid oil tensions

Oil posts mixed week amid refinery maintenance season

Oil down as China posts lowest growth in three decades

US crude oil production remains at record high level

Brent price down with high crude inventory build in US

Baku-Tbilisi-Ceyhan pipeline delivers 3.3 bbl of oil

Ecuador to leave OPEC on January 1st: Energy Ministry

Oil prices decline as Saudis restore majority of output

Kirkuk-Ceyhan oil pipeline Turkey's strategic priority

Turkey aims 20,000 MW wind capacity by 2023: TWEA head

AA energy desk to host Turkey's Wind Energy Assoc. head

Significant uncertainty over Europe wind power capacity

UK seeking stronger post-Brexit trade with Turkey

UK seeking stronger post-Brexit trade with Turkey

Eni boosts investments in Australian solar projects

Google to expand global wind, solar stake via 18 deals

Global renewable power additions to jump 12% in '19: IEA

Hydro provides virtually all of Norway's power in August

Hydro leads in providing most of Norway's power in July

Scotland funds £3.4 million for tidal energy project

Hydro leads in providing most of Norway's power in June

World needs more energy with less emission

Global climate strikers to meet online

3 banks to co-finance Turkey’s largest geothermal plant

Biogas shows potential to reduce emissions by 13%

Gulf of Mexico crude production to continue records: EIA

Turkey strengthens academia-industry cooperation

Qatar to store more than 5M tons of CO2 a year by 2025

Significant uncertainty over Europe wind power capacity

Turkey: Education, health top priorities of 2020 budget

Turkey aims 20,000 MW wind capacity by 2023: TWEA head

Turkey strengthens academia-industry cooperation

S. Arabia and Russia to boost energy cooperation

Oil posts mixed week amid refinery maintenance season

Oil down as China posts lowest growth in three decades

Turkey's daily power consumption down 0.04% on Oct.17

Brent price down with high crude inventory build in US

Hydraulic fracturing sees Turkey enter new energy era

Turkey's crude oil imports up 15.53% in June

Brent to average $69.50 in 2H19: Wood Mackenzie

US crude export levels and destinations rise in 2018

Turkey's daily power consumption up 2.90% on Oct.15

Turkey to restructure $10 billion energy finance in '19

Spot market natural gas prices for Wednesday, Sept. 25

Top 10 wind turbine makers to spend €2.3B on R&D by 2023