Turkey’s largest gas distribution company, the Istanbul Natural Gas Distribution Co. (IGDAS), is to be put to tender before the year end for privatization, according to Istanbul Metropolitan Municipality (IBB) Secretary General, Adem Basturk. Supplying gas to the country’s most populous city, IGDAS is a highly sought after asset by international investors with its 4 million customers using 4 billion cubic meters of natural gas per year.
“IGDAS is the next company to be put to tender by IBB” Basturk said about the upcoming tender without giving a specific date. IBB is waiting for the ongoing tender process in Baskent Dogalgaz – the capital Ankara’s gas grid – to end before putting IGDAS to sale, Basturk noted, adding that there was strong interest in the company from both local and foreign investors.
Early this year, IBB successfully privatized its Istanbul Ferry Lines (IDO) for USD 861 million, giving the operating rights of the company to the highest bidding Tepe-Akfen-Souther-Sera JV group. IGDAS privatization is slated to be completed in the first half of 2012.