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7

Ankara Natural Gas Network Sold to Yatirim-Energaz Consortium

The business was being run by the Ankara Metropolitan Municipality, but it had to sell the company to use the privatization revenue to pay off the debts

Turkey's Competition Board on Monday approved the sale of Ankara's natural gas network to the Global Yatirim-Energaz consortium.

The gas network has assets valued at $570 million, and 1.1 million customers.

Last year, 3.2 billion cubic meters of natural gas were consumed in Ankara. Some expect the volume of natural gas consumption in Ankara to double within a decade, bringing in more profits to the distributing company.

The gas distribution business was being run by the Ankara Metropolitan Municipality, but it had to sell the company to use the privatization revenue to pay off the municipality's debts.