Turkish Gas Market Welcomes Russia

Russian company Gazprom, the world's largest natural gas producer, via its German subsidiary ZMB, bought a 40 percent share in Turkey's Bosporus Gas Corporation.
Both companies are going to share gas import, wholesale, storage and export business.

Russian company and Turkish one have already signed the partnership agreement. Tur Energy Inc owns the remaining 60 percent of the stake.

The statement adds that this Russian-Turkish partnership will provide a reliable source of natural gas for Turkish market. It is hoped that the company will contribute in developing 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.