Gazprom situation in seized Turkish firm ‘unclear’

MOSCOW

Turkish authorities decision to take over Akfel Holding, the largest private importer of Russian natural gas to Turkey, has left Russian giant Gazprom at a quandary, Sputnik has reported citing Kommersant newspaper. 

“We have been simply deprived of the most effective and profitable gas seller in Turkey,” a source familiar with the matter said, as quoted by the Kommersant newspaper.

The holding’s control will be transferred to the Savings Deposit Insurance Fund (TMSF) and is currently “performing the functions of the stakeholders,” after Akfel Holding’s shareholder Murad Abdurrahman Baltacı was arrested in September on the grounds that he had ties to Fethullah Gülen, the U.S.-based Islamic preacher and the number one suspect behind the July 15 coup attempt in Turkey. The TMSF has unofficially informed Gazprom about its new functions, reported Kommersant. 

The majority of the holding’s structure constitutes Akfel Gas, which is in agreement with Gazprom on the import of 2.25 billion of cubic meters of gas a year, Avrasia (0,5 billion of cubic meters of  gas a year). Gazprom owns a minority stake in Akfel Holding and an option contract of buying 50 percent in Akfel Gas, according to Kommersant.