The world's largest natural gas producer, Russia's Gazprom, expanded into the Turkish natural gas market after acquiring a 40 percent stake in Turkey's Bosporus Gas Corporation. Both partners will share the natural gas import, wholesale, storage and export business.
A statement was released shortly after the signing of the partnership agreement. Gazprom, via its German subsidiary ZMB, bought a 40 percent share in the Bosporus Gas Corporation. The remaining 60 percent remains in the hands of Tur Energy Inc.
The statement adds that Gazprom's partnership with Bosporus Gas will provide a reliable source of natural gas for Turkish market. It is hoped that the company will contribute to developments in 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 and nearly 50 percent of the country's electrical needs.
Gazprom employs over 300,000 people in 58 companies around the world. With its annual output of 500-billion cubic meters, Gazprom accounts for 20 percent of the world's total natural gas production. The natural gas produced by Gazprom is distributed to 27 countries and to 68 of Russia's Federation regions.