MOSCOW, Aug. 20 (UPI) -- A subsidiary of Russian gas giant Gazprom plans to take a controlling stake in the Bosporus Gas Corp. in Turkey following a series of energy deals with Ankara.
A Gazprom subsidiary expects to increase its stake in the Turkish energy company from 40 percent to 51 percent, the Azeri Press Agency reports, citing Russian-language outlets.
Gazprom Germania ZMB GmbH said it plans eventually to increase its controlling stake to 71 percent in the future.
Gazprom signed a 2007 contract with Bosporus for the sale of 26.4 billion cubic feet of natural gas through 2011.
The acquisition announcement follows a visit to Ankara by Russian Prime Minister Vladimir Putin on Aug. 6 to discuss bilateral energy deals with Turkey.
Putin walked away with an agreement from Ankara to host a leg of the South Stream natural gas pipeline in Turkish territorial waters of the Black Sea.
Russia is the top gas supplier for Turkey. Both countries are linked currently through the Blue Stream gas pipeline through the Black Sea. Moscow and Ankara in 2005 proposed a second leg for that gas pipeline, which can supply markets in the Middle East.
Trade volume between Russia and Turkey amounted to $37.8 billion in 2008.
