Bosphorus Gaz Corporation
Bosphorus Gaz Corporation is a Turkish natural-gas importer and distributor serving the private gas market.
Last updated August 25, 2026
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Overview
Bosphorus Gaz Corporation is a Turkish natural-gas importing and distribution company established in Istanbul in 2003. It operates in Turkey's liberalizing gas market, where private-sector companies purchase, import, wholesale, and distribute natural gas alongside the state-owned energy enterprise BOTAŞ. The company has been described as controlling approximately 25% of Turkey's private natural-gas market, although the available reference material does not specify the measurement year or the precise basis for that estimate. The company developed through a partnership involving Turkish interests and Securing Energy for Europe, a former subsidiary of Gazprom. Securing Energy for Europe became a shareholder in 2004, giving Bosphorus Gaz a connection to one of the principal gas suppliers in the Turkish market. Gazprom subsequently increased its stake in stages: its ownership reached 51% in 2009 and 71% in 2010. This progression made Bosphorus Gaz an important vehicle for Russian gas participation in Turkey's private import and resale sector. Bosphorus Gaz also secured a significant contractual position in 2005, when it won a tender to resell 750 million cubic meters of natural gas purchased by BOTAŞ from Gazprom. The arrangement was scheduled to run until 2021. It illustrates the company's role not only as an importer but also as a wholesale and resale intermediary within Turkey's gas supply system. Ownership changed decisively in 2018. Gazprom sold its entire 71% holding to Şen Group, which had previously owned 29% of Bosphorus Gaz. Following the transaction, Şen Group held 100% of the company. The available sources do not provide details about the transaction value, later corporate restructuring, current gas volumes, or the company's financial performance. Bosphorus Gaz is therefore best characterized, on the documented record, as a privately owned Turkish gas importer and distributor whose history reflects the interaction of Turkish private energy companies, BOTAŞ procurement arrangements, and Gazprom's former presence in Turkey's downstream gas market.
History
Bosphorus Gaz Corporation was established in Istanbul in 2003 as Turkey's natural-gas market was opening to greater private-sector participation. The company was created to operate as a gas importer and distributor, participating in a system historically dominated by BOTAŞ but increasingly involving private wholesalers and importers. In 2004, Securing Energy for Europe, described in the reference material as a former subsidiary of Gazprom, became a shareholder in Bosphorus Gaz. This brought the company into the orbit of Gazprom, one of the major suppliers of natural gas to Turkey. The relationship later became a direct Gazprom ownership position. Gazprom held 40% of Bosphorus Gaz before increasing its stake to 51% in 2009. In 2010, it raised the holding again, this time to 71%, making Gazprom the controlling shareholder. A major commercial development took place in 2005. Bosphorus Gaz won a tender to resell 750 million cubic meters of gas that had been purchased by the Turkish energy company BOTAŞ from Gazprom. The resale contract was intended to continue through 2021. This arrangement placed Bosphorus Gaz between upstream supply and downstream customers, demonstrating its role in wholesale gas trading as well as in import and distribution. The company's ownership changed in 2018. Gazprom sold all of its 71% stake to Şen Group, the Turkish group that had retained the remaining 29% ownership interest. After the transaction, Şen Group owned 100% of Bosphorus Gaz. The sale ended Gazprom's documented direct ownership of the company while preserving Bosphorus Gaz as a privately controlled participant in Turkey's natural-gas market. The available reference material identifies Bosphorus Gaz as controlling approximately 25% of Turkey's private natural-gas market. It does not state the year of that estimate, define the market denominator, or provide operating and financial data. No reliable information is supplied about the company's current management, detailed infrastructure, customer segments, revenue, gas volumes after 2021, or current ownership beyond the 2018 transfer. Accordingly, the documented history is centered on the company's founding, its Gazprom-linked ownership period, its BOTAŞ-related resale tender, and its subsequent transition to full ownership by Şen Group.
- 2018
Şen Group acquires full ownership
[1]Şen Group acquired Gazprom's 71% holding and became the 100% owner of Bosphorus Gaz.
- 2010
Gazprom raises stake to 71%
[1]Gazprom increased its ownership to 71%, becoming the controlling shareholder.
- 2009
Gazprom reaches majority ownership
[1]Gazprom increased its stake in Bosphorus Gaz from 40% to 51%.
- 2005
750-million-cubic-meter resale tender
[1]Bosphorus Gaz won a tender to resell 750 million cubic meters of gas purchased by BOTAŞ from Gazprom, under an arrangement intended to run until 2021.
- 2004
Securing Energy for Europe becomes a shareholder
[1]Securing Energy for Europe, identified as a former Gazprom subsidiary, acquired a shareholding in Bosphorus Gaz.
- 2003
Company established in Istanbul
[1]Bosphorus Gaz Corporation was established in Istanbul as a Turkish natural-gas importer and distributor.
Products and positioning
A private Turkish natural-gas importer, wholesaler, and distributor with a substantial presence in the country's private gas market.
Energy commodity · 2003
Natural gas
Bosphorus Gaz's core business is the import, wholesale handling, and distribution of natural gas in Turkey. The company has been associated with gas supplied through arrangements involving Gazprom and BOTAŞ. Publicly available reference material does not identify separate branded consumer products or a detailed portfolio of gas grades or delivery formats.
Natural-gas wholesale · 2005
Wholesale gas resale
The company has acted as a reseller of natural gas within Turkey's private energy market. Its documented 2005 tender covered the resale of 750 million cubic meters of gas purchased by BOTAŞ from Gazprom, with the arrangement planned through 2021.
Brand decisions
2018
Sale of Gazprom's 71% stake to Şen GroupM&ABackground
Gazprom had increased its ownership of Bosphorus Gaz to 71% by 2010, while Şen Group retained the other 29% of the company.
Action taken
Gazprom sold its entire 71% holding to Şen Group.
Aftermath
Şen Group became the sole owner of Bosphorus Gaz. The available material does not state the transaction value or describe subsequent operational changes.
2005
Award of natural-gas resale tenderOtherBackground
Bosphorus Gaz competed for a tender involving gas purchased by BOTAŞ from Gazprom.
Action taken
Bosphorus Gaz was awarded the right to resell 750 million cubic meters of natural gas, under a contract scheduled to last until 2021.
Aftermath
The tender reinforced the company's role as a wholesale intermediary in Turkey's private natural-gas market.
Recent events
- 2018
Gazprom sells Bosphorus Gaz stake to Şen Group[1]
M&A
Gazprom sold its entire 71% stake in Bosphorus Gaz to Şen Group, which already owned 29%, leaving Şen Group with full ownership.
- 2010
Gazprom raises Bosphorus Gaz ownership to 71%[1]
M&A
Gazprom further increased its stake in Bosphorus Gaz to 71%, consolidating control of the Turkish gas importer and distributor.
- 2009
Gazprom increases its stake in Bosphorus Gaz to 51%[1]
M&A
Gazprom increased its ownership of Bosphorus Gaz from 40% to 51%, becoming the company's majority shareholder.
- 2005
Bosphorus Gaz wins tender to resell 750 million cubic meters of gas[1]
Other
Bosphorus Gaz won a tender to resell 750 million cubic meters of natural gas purchased by BOTAŞ from Gazprom, with the arrangement scheduled to continue until 2021.
Sources1 sources
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