Media: Gazprom assets were nationalized in Turkey
As reported by the the Kommersant newspaper in early December, Turkey essentially nationalized the Akfel Holding shares owned by Gazprom and Gazprombank. According to the newspaper’s sources, the gas dispute with Turkey is "already inevitable."
The largest private importer of Russian gas to Turkey, Akfel Holding, is being effectively nationalized by the authorities in accordance with the emergency decree N674, adopted after July’s attempted coup in the country, the newspaper wrote. Gazprom, according to the newspaper, has a minority stake in a holding company, and a 60% stake in the holding company owned by two joint venture companies SP Akfel and Gazprombank.
"The most effective and profitable seller of Russian gas in Turkey was just taken away from us," a source close to Gazprom told the newspaper.
During Turkish Prime Minister Yıldırım's visit to Moscow, the head of Gazprom, Alexey Miller, tried to discuss the situation with the Turkish leader, but "he did not give substantive explanations".
Overall, the Afkel group accounts for about 20% of Gazprom's deliveries to Turkey, while the group accounts for 55% of all deliveries to Turkish private importers. The three major structures of Akfel Holding have contracts with Gazprom for the supply of more than 5 billion cubic meters of gas per year.
The sources told the publication that on December 2nd Turkish authorities completely changed the Akfel Holding's Board of Directors to include representatives of the Savings Deposit Insurance Fund (TMSF) and consultants. As stated by sources close to the shareholders of Akfel, TMSF informally told them that it "acts as a shareholder."
The interlocutors of the newspaper also said that since the discount on gas for private importers will no longer be valid in 2017, companies have to negotiate the price for 2017. But now, the sources say that negotiations are almost non existent. Therefore, the interlocutors of the newspaper concluded that "a local gas dispute with Turkey is already inevitable."
At the same time, the newspaper stresses that the Russian side needs to build a working relationship with the Turkish authorities so as to implement the politically important project “Turkish Stream”.