Russian gas monopoly Gazprom has acquired a majority stake in the Turkish Bosphorus Gas Corporation, hoping to boost its investment and become a powerful player in the future strategic Eurasian gas hub to be established in Turkey, the Russian press announced on 19 August.
Gazprom has expanded its share in Bosphorus Gas Corporation A.S. to 51 per cent, writes the daily Kommersant. The company, specialised in sales to final consumers, is expected to become a key player in the process of liberalization of the Turkish market, including the privatization of the gas supply network, the daily adds.
Gazprom had until now a 40% share in Bosphorus Gas, through its daughter company Gazprom Germania ZMB. The current share is 51% and the aim is to achieve soon a 71% share, officials said. But the Turkish press reportedly said that Gazprom already controls 71%, as it had acquired the shares of a Turkish key shareholder.
An unnamed high representative of Gazprom said that his company’s strategy is to make out of Bosphorus Gas “a powerbase of the Russian monopoly on the Turkish internal market”.
According to the source, Bosphorus Gas will boost its gas volume trade, participate in the privatization of pipelines and in building underground gas storages in Turkey. “In the perspective of Turkey becoming a huge world gas hub, Gazprom needs to have here its own companies,” the Gazprom representative told Kommersant.
On 6 August the prime ministers of Turkey and Russia signed a series of agreements on energy projects, including on Turkey’s acceptance that the “South Stream” gas pipeline would pass through Turkish territorial waters. As one of the aims of Russia with “South Steam” is to bypass Ukraine, the move would also help bypass Ukrainian territorial waters.
The source, quoted by Kommersant, however, dismissed the participation of Bosphorus Gas in “South Stream”, or in EU-favoured rival Nabucco pipeline.