Turcas Gas Trading
Established in 2005 as a wholly owned subsidiary of Turcas Petrol, Turcas Gas Trading (Turcas Gaz), an active participant in the deregulation process of the natural gas market, obtained a 30-year license from EMRA on May 17, 2007 to conduct natural gas trading operations. With the commencement of natural gas imports by private companies on December 19, 2007, Turcas Gaz took a leading role in the Turkish natural gas market by supplying natural gas to eligible consumers. Turcas Gaz has always been a keen supporter of the implementation of principles that are stipulated by the Natural Gas Market Law and the secondary legislation as well as the bringing of market shares to the upper limit by the law and further development of a free market. However, due to the slow progress in creating a market structure where pricing is based on the supply-demand balance and costs, as per relevant legislation, and the tight liquidity in the marketplace, the company decided to cease its natural gas and spot LNG activities temporarily at the beginning of 2011, while maintaining its contractual rights and obligations. Following this decision, Turcas Gaz started to evaluate the market and legislative developments and undertook efforts to diversify its supply sources. The company plans to resume its sales and commercial activities in the coming years.