18 Aug 2009 16:09

Gazprom to get controlling stake in Turkish JV Bosphorus Gaz

MOSCOW. Aug 18 (Interfax) - Gazprom Germania ZMB GmbH will increase its stake in Turkish sales joint venture Bosphorus Gaz Corporation A.S. to 51% from 40% in the second half of 2009 and will eventually acquire a 71% interest in the company, Gazprom Germania said in a statement.

Bosphorus Gaz Corporation A.S. was set up in 2003. Gazprom Germania became a shareholder in the company in 2004. Gazprom's partners in the joint venture are the Sen family, who are members of its executive board, and Ringas Management BV, which are equally represented by Tur Enerji AS, which owns 60% of Bosphorus Gaz.

In 2005, Bosphorus Gaz won a tender to resell some of the gas that state-owned company Botas was buying from Gazprom. Bosphorus Gaz was given the right to sell 750 million cubic meters of Russian gas per year on the Turkish market until 2021. The company sold about 300 mcm of gas on the Turkish market in the first half of 2009, mainly to large industrial consumers and power companies.

In 2007, Bosphorus Gaz had planned to submit a bid to take part in the privatization of the Ankara gas distribution system, although the company later recalled the bid.