21-08-09 Russian gas monopoly Gazprom has acquired a majority stake in the Turkish Bosporus Gas Corporation, hoping to boost its investment and become a powerful player in the future strategic Eurasian gas hub to be established in Turkey.
Gazprom has expanded its share in Bosporus Gas Corporation to 51 %. The company, specialised in sales to final consumers, is expected to become a key player in the process of liberalization of the Turkish market, including the privatization of the gas supply network.

Gazprom had until now a 40 % share in Bosporus Gas, through its daughter company Gazprom Germania ZMB. The current share is 51 % and the aim is to achieve soon a 71 % share, officials said.
But the Turkish press reportedly said that Gazprom already controls 71 %, as it had acquired the shares of a Turkish key shareholder.

A high representative of Gazprom said that his company's strategy is to make out of Bosporus Gas "a powerbase of the Russian monopoly on the Turkish internal market". According to the source, Bosporus Gas will boost its gas volume trade, participate in the privatization of pipelines and in building underground gas storages in Turkey.
"In the perspective of Turkey becoming a huge world gas hub, Gazprom needs to have here its own companies," the Gazprom representative told.

On 6 August the prime ministers of Turkey and Russia signed a series of agreements on energy projects, including on Turkey's acceptance that the "South Stream" gas pipeline would pass through Turkish territorial waters. As one of the aims of Russia with "South Steam" is to bypass Ukraine, the move would also help bypass Ukrainian territorial waters.
The source, however, dismissed the participation of Bosporus Gas in "South Stream", or in EU-favoured rival Nabucco pipeline.