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Gazprom sold 71% of Bosphorus Gaz

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Gazprom sold 71% of Bosphorus Gaz
October 04
13:00 2018

Gazprom has sold over 70% of Bosphorus Gaz . Sources report that the deal was made last month.

It became known that Ali Sen, President of Bosphorus Gaz Corporation, had signed an agreement with Gazprom on the acquisition of Bosphorus Gaz. After the deal is approved by the authorities, the company will become part of Sen Group.

Last summer, Alexander Medvedev, Deputy Chairman of Gazprom, spoke about the possibility of selling Bosphorus Gaz.

“There is a difficult situation in Turkey now. The events in economics and politics affect the lira, prices are still regulated, and the subsidy program is active. What is more, we don’t like the government actions in relation to private companies and we are considering possibilities of getting out of this asset, because the situation is becoming unpredictable now”, – explained Alexander Medvedev.

In 2004, Gazprom bought 40% of Bosphorus Gaz through its subsidiary company Gazprom Germany. In 2012, it increased the stake by additional 31% due to the purchased securities of TUR Enerji.

In 2005, the state-owned company Botas sold gas purchased from Gazprom. It should be noted that the gas was delivered to the European market. This deal was possible due to the auction held during the softening of the market. Bosphorus Gaz used to buy up to 750 million cubic meters of this gas since 2009.

Within a couple of years, the volumes grew by more than 50 million cubic meters.

In 2013, Bosphorus Gaz and Gazprom entered into a new contract, according to which Bosphorus Gaz began to buy 1.7 billion cubic meters from Gazprom. In 2014, the volume increased to 2.7 billion cubic meters, which at that time amounted to 5% of the market.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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