France’s Engie plans to set up gas and power trading platform in Istanbul

ISTANBUL

The Global Energy Management (GEM) division of France’s Engie plans to grow by setting up a gas and power trading platform in Istanbul, the company said in a written statement on Dec. 29. 

“The mission is to enhance the competitiveness of the Engie assets in Turkey through optimized supply and market access and provide energy risk management services to both power plants and gas retail affiliates. The intention is also to extend GEM’s commercial franchise to third parties, leveraging on the benefit of a 15-year- experience in servicing clients, in an open markets environment,” the statement said. 

An active support will be given to the further development of the Turkish power and gas wholesale markets, with a high focus on renewable power generation and related services, it added. 

One of ENGIE Group’s Floating LNG Storage and Regasification Unit’s (FSRU) called “Neptune” was inaugurated at the Etki LNG Terminal in the Aliağa district of the Aegean province of İzmir as Turkey’s first FSRU last week. Neptune has a capacity of 145,000 cubic meters and will serve as an LNG receiving and storage facility and will deliver natural gas in gaseous form. 

Engie CEO and Country Representative Denis Lohest said the company’s strategy in Turkey was “to develop projects to increase the company’s production capacity with a special focus on renewable energy sources, also participating to the tenders in progress, provide energy together with services like energy efficiency, operations and maintenance and facility management. It’s our customers in a long term relationship, consolidate the sourcing of commodities and build a strong customer base, maximize performance, efficiency and flexibility in our existing assets to remain a leader in the Turkish Market.”

“In this context, our main target is to keep and strengthen our vision to be a reliable partner for our stakeholders in Turkey,” Lohest added.