Turkish private companies to start Russian gas imports in October; more licences likely next year

By bne IntelliNews September 26, 2012

bne -

Turkey plans to award licenses allowing the import of 6bn cubic metres (cm) of Russian gas through the "Western Line" to four private companies, energy markets watchdog EPDK announced on September 25. Meanwhile, a government official revealed that Ankara is ready to increase the role of private companies by a further 4bn cm.

Kibar Holding, Akfel Gaz, BosphorusGaz, and Index Holding will be awarded licenses to begin imports through the pipeline, which runs from Russia through to Bulgaria, starting in October, said EPDK head Hasan Koktas according to Reuters. Earlier reports had said that only Kibar would start operations this year, with Akfel set to begin next, but not until 2013.

It has been reported that 13 Turkish privately-owned companies had bid for contracts to buy the gas, which were made available after state pipeline company Botas refused to extend a 25-year contract with Russian gas giant Gazprom - which ends this month - due to Moscow's refusal to offer a discount on gas imports.

Shortly after Koktas' announcement, Energy Minister Taner Yildiz said that Turkey is set to begin talks with Russia in the new year on transferring a further 4bn cm of gas contracts to the private sector. Turkey's developing economy is increasingly hungry for energy. The country imported a total of 39.7bn cm of gas in 2011, with Russia its largest supplier. However, it will likely need to expand that as US and EU sanctions are limiting trade with Iran, its second-largest supplier.

Related Articles

Drum rolls in the great disappearing act of Russia's banks

Jason Corcoran in Moscow - Russian banks are disappearing at the fastest rate ever as the country's deepening recession makes it easier for the central bank to expose money laundering, dodgy lending ... more

Kremlin: No evidence in Olympic doping allegations against Russia

bne IntelliNews - The Kremlin supported by national sports authorities has brushed aside "groundless" allegations of a mass doping scam involving Russian athletes after the World Anti-Doping Agency ... more

PROFILE: Day of reckoning comes for eccentric owner of Russian bank Uralsib

Jason Corcoran in Moscow - Revelations and mysticism may have been the stock-in-trade of Nikolai Tsvetkov’s management style, but ultimately they didn’t help him to hold on to his ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss