The privatisation process of Turkey's largest natural gas
distributor, Istanbul Gas Distribution Inc. (IGDAS), which has a $2.3 billion
(1.8 billion euro) market value, will begin in November, Istanbul's mayor has
announced, local media reported on Wednesday.
Kadir Topbas told reporters, as quoted by Today’s Zaman, that the city has
planned a tender for November to offer IGDAS to private operators. Topbas said
Istanbul expects to use the revenue from the privatisation to fund other
developments.
IGDAS is the last remaining state-run gas company in Turkey. The firm, which
had five million subscribers as of December 31, 2013, had an annual revenue of
$2.5 billion in 2013. Istanbul Metropolitan Municipality (IBB) currently owns
94.5% of its shares.