Tuesday, December 20, 2016

Gazprom May Lose Shares in Turkey's Largest Private Importer of Russian Gas - SPUTNIK NEWS

20.12.2016, 11:49 
Alexei Danichev

Russian energy giant Gazprom may lose its shares in Akfel Holding, the largest private importer of Russian gas to Turkey, which was recently nationalized. 

MOSCOW (Sputnik) — Earlier in December, Turkish authorities decided to take the company under the state control and removed the board of directors, with Gazprom's status in the company becoming unclear. 

"We have been simply deprived of the most effective and profitable gas seller in Turkey," the source, familiar with the matter said, as quoted by the Kommersant newspaper. 

According to the newspaper, Turkey's Savings Deposit Insurance Fund (TMSF) currently "performs the functions of the stakeholders." The TMSF has unofficially informed Gazprom about it's new functions, the paper reported. 

The government control over commercial entities became possible after an emergency decree was adopted after the July coup attempt, allowing to control private companies, allegedly linked or suspected on financing FETO (Fethullah Terrorist Organization), whom Ankara believes to be behind the coup attempt. 

The largest structures of Akfel Holding are Akfel Gas, which is in agreement with Gazprom on import of 2,25 billion of cubic meters of gas a year, Avrasia (0,5 billion of cubic meters of gas a year). Gazprom owns a minority stake in Akfel Holding and an option contract of buying 50 percent in Akfel Gas, according to the newspaper. 

The source also reportedly noted that following the situation with the gas companies and Monday's assassination of Russian Ambassador to Turkey Andrey Karlov, the problem would demand both a business and a political solution.