Natural gas market modeled after Britain's to launch

Natural gas market modeled after Britain's to launch

Following a decision to invest $3 billion into natural gas storage, the Economy Ministry is gearing up to establish a natural gas stock market and rework the state-owned Petroleum Pipeline Corporation (BOTAŞ) in order for it to have a structure that can have registered transactions on the stock market. Officials, who have begun examining the British model regarding this process, said they wanted Turkey to be a country that has a say in energy, adding: "The United Kingdom is not only a corridor country that transports energy, but it is also influential in the world's energy pricing and controls the market."

They also emphasized that simply selling other countries' gas is not enough to make Turkey a strategic power; it also needs a strong natural gas market that determines gas prices and allows Turkey to sell other countries' gas at these prices. It is expected that BOTAŞ will have a 15 percent share in the natural gas stock market. The Natural Gas Distribution Companies Association and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Natural Gas Assembly sent a report to Prime Minister Ahmet Davutoğlu to request the establishment of a natural gas stock market. The business world wants BOTAŞ's transmission and trade activities to be separated and the company to take part in the stock market.

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