Posted by meb at August 15th, 2008

Gaz de France submitted the highest bid of $232 million in a tender for the privatisation of the İzmit gas distribution company (Izgaz).

Under the tender, the whole of the gas distribution firm in northwestern Turkey will be sold off in a block sale. In the open auction session broadcast live by CNBC-e, local Zorlu Enerji withdrew from the tender. The energy regulator EPDK and the competition board have to approve the tender before the distribution network is taken over by the private sector. Izgaz has $317 million debt, and the winning bidder will also take on that debt. Gaz de France is one of a few foreign firms that have competed in Turkey’s privatization tenders this year, stalling somewhat due to a global credit crunch and domestic political uncertainties.
source: Today’s Zaman

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