Turkey to Sell Stake in Gas Grid

Turkey's Privatization Administration (ÖİB) is seeking bids for the majority share in the country's second largest natural gas distribution grid, Başkent Doğalgaz.

Baskent Dogalgaz distributes natural gas to 1.2 million homes. The company, which operates a network of 8,300 km, sold 2.1 billion cubic meters of gas last year.

In May, the ÖİB cancelled a $1.2 billion deal for the 80 percent share made with Çankaya Doğalgaz Dağıtım A.Ş., an MMEKA company, after it failed to fulfill the terms of the share sale agreement.

Akfen Holding, Calik Enerji, Gaznaturel-Nural, Limak and runner up Elektromed, were the other bidders in initial auction process.

Privatization officials hope to successfully conclude the sale this time by the end of October 2011.