February 25, 2019 / 11:31 AM / 8 months ago

Turkey's Global Investment Holding plans Naturelgaz IPO

ISTANBUL, Feb 25 (Reuters) - Turkey’s Global Investment Holding is planning to list its natural gas subsidiary Naturelgaz, the energy company said on Monday.

Speaking to Reuters on the sidelines of an energy summit in Istanbul, Naturelgaz general manager Hasan Turan said the company is evaluating the possibility of an initial public offering (IPO) of shares, but did not specify a date.

Naturelgaz has an 18-20 percent share in Turkey’s non-piped natural gas transport sector, as well as a 75 percent share in the compressed natural gas (CNG) market, Turan said.

Turkish non-piped natural gas sales were estimated at 800 million cubic metres in 2018, Turan said, or two percent of the global natural gas market. The non-piped natural gas sector carries gas to factories and other consumers in areas where it is difficult to build infrastructure due to geographical constraints.

Naturelgaz sales increased by 11 percent year on year to 184.5 million lira ($34.75 million) in the first nine months of 2018, according to the company’s latest filing. Earnings before tax, interest and amortisation (EBITDA) rose 275 percent to 30.5 million liras. ($1 = 5.3089 liras) (Reporting by Can Sezer Writing by Ali Kucukgocmen; Editing by Kirsten Donovan)

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