Business Services Industry
GAZPROM PURCHASES STAKE IN TURKISH OIL CORPORATION, ENTERS PARTNERSHIP WITH TUR ENERGY
Info-Prod Research (Middle East), April, 2004
According to "Dunya", Russian company Gazprom, the world's largest natural gas producer, via its German subsidiary ZMB, bought a 40 percent share in Turkey's Bosphorus Gas Corporation. Both companies are going to share gas import, wholesale, storage and export business. The Russian and Turkish companies have already signed the partnership agreement.
Tur Energy Inc owns the remaining 60 percent of the stake. The statement adds that this Russian-Turkish partnership will provide a reliable source of natural gas for Turkish market. It is hoped that the company will contribute in developing the Turkish economy and also bring additional new opportunities. Gazprom controls nearly 60 percent of Russia's vast natural gas reserves. Gazprom meets 90 percent of Russia's natural gas needs...
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