Russia’s Gazprom Buys Turkish Akfel Gaz and Establish Swedish/Russian/Turkish Energy Group

Posted: January 8, 2015 in Econ 101, Sanctions on Russia Meaningless, Technology and Energy

SOURCE: http://www.dailysabah.com/energy/2015/01/07/russian-gazprom-to-buy-turkish-akfel-gaz

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Russian Gazprom to buy Turkish Akfel Gaz

DAILY SABAH

January 7, 2015

Russian Gazprom has applied to the official authorities for the necessary approvals to acquire Akfel Gaz, which was established in November 2011 to manage natural gas imports and wholesales, according the story of Turkish news website The Lira.

Gazprom will have the majority share of Akfel Gaz when it buys the shares of Fatih Mehmet Baltacı, Murad Abdurrahman Baltacı and Melike Baltacı, who own Akfel Holding.

The Energy Market Regulatory Authority allowed four Turkish companies to import natural gas from Russia in 2012, and Akfel Gaz, Bosporus Gaz, Kibar Enerji and Batı Hattı Doğazgaz obtained 30-year licenses.

According to the agreement, Akfel Gaz signed for 2.25 billion of the total six billion cubic meters of natural gas, followed by Bosporus Gaz with 1.75 billion, Kibar Enerji with one billion, and Batı Hattı Doğalgaz with the remaining one billion.

The Akfel Group also has an agreement with a Swiss trading house Gunvor, which was co-founded by Russian billionaire Gennady Timchenko and Swedish investor Mr. Torbjörn Törnqvist, and has an annual return of more than $95 billion. Together, Akfel Group and Gunvor established Akfel Gunvor Energy.

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