Turkey: Istanbul's gas distribution company to be privatized

29 October, 13:18

    (ANSAmed) - ISTANBUL, OCTOBER 29 - The privatization process of the Istanbul Gas Distribution Company (IGDAS) will begin in November, Daily Sabah online reports today quoting Istanbul's mayor Kadir Topbas as saying. The mayor stated that IGDAS is one of the biggest and most valuable companies of its field both in Turkey and in the world with 5 billion cubic meters (bcm) of natural gas sales, 4.6 billion Turkish Liras (TL, around 1.627 billion euros) net sales revenues, 279 million TL (98,7 million euros) net profits and 4.2 billion TL (1,48 billion euros) worth of assets. IGDAS has five million subscribers as of December 31, 2013. Istanbul Metropolitan Municipality (IBB) currently owns 94.5% of IGDAS's shares. It is stated that IGDAS's privatization will not cause a rise in gas prices as Turkey's consumer gas prices are subject to the Energy Market Regulatory Authority's supervision and consent. Current contractual and legal rights of IGDAS staff will also be added to tender specifications.


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