Turkey’s stock market is up 0.25%, despite the decline in European indices, led by Tupras, the country’s leading petroleum refiner.

Tupras trades at 9 times earnings and pays a 6% dividend, and is expected to show 25% revenue growth this year in US dollar terms.

With a resolution of the Syrian mess in sight, political risk in Turkey has diminished. Both Washington and Moscow dislike and distrust Turkey’s volatile ruler Tayyip Erdogan, and Berlin really can’t stand him (Germany is threatening to pull out of its one Turkish air base). But Turkey’s success is indispensable to any regional security solution, and Turkish risk will continue to fade.