Turkish group to buy majority stake in gas distribution company from Gazprom

ISTANBUL

REUTERS photo

Turkey’s Şen Group has struck a deal with Gazprom to buy a 71 percent stake in the Bosphorus Gaz Corp, a natural gas distribution company, it said in a statement on June 1. 

Following approvals from energy and competition authorities, the group will assume ownership all of the gas distribution company, Turkey’s first private natural gas importer. 

“Our decision to acquire all the stakes of Bosphorus Gaz shows our confidence in Turkey’s strong economic performance and high growth potential in the energy sector,” said Bosphorus Gaz Managing Director Adnan Şen. 

The remaining 29 percent of the stakes already belong to Şen through his Tur Enerji company.

Bosphorus Gaz engages in the import and wholesale of natural gas and electricity. The company was founded in 2003 and is based in Istanbul. Since April 2012, Gazprom Germania has owned a majority stake in the company.