Bloomberg News

Turkey May Raise Gas Prices by Additional 15%, Haberturk Says

April 03, 2012

Turkey may raise gas prices by an additional 15 percent after raising them by 18.7 percent on April 1 to avoid losses at the state-run provider, Haberturk reported, citing unidentified Energy Ministry officials.

State-owned pipeline company Boru Hatlari Ile Petrol Tasima AS, also known as Botas, has been selling natural gas at a loss as oil prices rise and the lira depreciated against the dollar, the Istanbul-based newspaper reported.

The loss is estimated at about 350 million liras ($169 million) in the first three months of the year following a 1.3 billion liras loss in 2011, Haberturk said.

Energy Ministry officials had calculated before the April 1 price increase that Botas would need to raise the price at which it sells natural gas to Turkish consumers by 35 percent, Haberturk said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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