Azernews.Az

By Kamila Aliyeva

Gazprom is considering withdrawing from the Turkish Bosphorus Gaz Corporation, Deputy Chairman of the Russian company Alexander Medvedev said, RIA Novosti reported.

Bosphorus Gaz is a Turkish importer and distributor of gas. In 2004, Gazprom Germania a subsidiary of the Russian gas company Gazprom, became shareholder in Bosphorus Gaz. At the moment Gazprom owns 71 percent of the company shares.

"The events in the Turkish market are complex, due to the economic situation in Turkey, as the latest political developments have had a strong impact on the Turkish lira rate. In addition, prices remain regulated, there is a subsidy mechanism for gas that BOTAS sells, so, in fact, the free market, despite the fact that the gas law has been adopted, was not full-fledged," Medvedev explained.

Medvedev stressed that it will not affect relations with Turkish partners.

Bosphorus Gaz is a company undertaking nearly 7 percent of the country’s total imports, on the basis of a combined volume of 3,250 million cubic meters, and gained prominence as the primary independent company accounting for the highest import quantity after BOTAS.

The company was established in 2003 in Istanbul. In 2004, Gazprom Germania a subsidiary of the Russian gas company Gazprom, became shareholder in Bosphorus Gaz. In 2009, Gazprom raised its share in the company from 40 percent to 51 percent. Later this year, Gazprom Germania acquired additional 20 percent of shares.

---

Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz