Page 10 - MEOG Week 06 2021

MEOG FINANCE & INVESTMENT MEOG

Turkey’s Global Holding

applies for Naturelgaz IPO

TURKEY GLOBAL Yatirim Holding (GYH) has applied to including the over-allotment option, the state-
Turkey’s capital markets board to make an initial ment added. GIH currently holds a 95.5% stake
public offering (IPO) of shares in its natural gas in the company.
subsidiary Naturelgaz. Naturelgaz is Turkey’s leading non-pipeline
The offering would include the issuance of natural gas distribution company with an esti-
new ordinary shares and the sale of existing mated 25% market share in CNG (compressed
shares. natural gas) and LNG (liquefied natural gas)
“The company will issue 14.99mn new shares, with a total sales volume of 173.4mn cubic
increasing the total number of shares issued to metres in 2020. The company’s 13 mother-sta-
115mn. In addition, GYH plans to sell 16.2mn tions and nine auto-CNG stations constitute the
existing shares and shall also make an additional widest network in Turkey, according to informa-
3.1mn shares available pursuant to an over-allot- tion on its website.
ment option,” Global said in a statement. Naturalgaz also envisages expanding its oper-
GIH would remain the largest individual ations to Sub-Saharan countries where the lack
shareholder in Naturelgaz following the IPO of pipeline infrastructure is an opportunity to
while the free-float was expected to be around transport natural gas to power and industrial
30% upon the completion of the offering plants.™

POLICY

Kurdish deputy PM says region

ready to fulfil oil obligations

IRAQ THE Kurdistan Regional Government (KRG) persisting about oil exports from the Kurdistan
is ready to fulfil the obligations set out in Iraq’s Region.
federal budget for 2021, according to Qubad As with previous budgets, the KRG should
Talabani, the region’s deputy prime minister and receive 12.67% of the total budget, equating to
head of a delegation negotiating with Baghdad. around $13bn, but there remain issues related to
Speaking to the local al-Sabah newspaper this budget payments to Erbil being contingent on it
week, he said: “The Kurdistan region is ready to handing over 250,000 bpd of crude to Iraq’s State
implement all its obligations with the federal Oil Marketing Organization (SOMO) and giving
government, whether by providing 250,000 the revenues to the central treasury.
barrels per day [bpd] of crude oil or exporting Talabani said: “We are ready to implement
non-oil resources through the region’s outlets, in this agreement,” noting that the federal gov-
accordance with the Iraqi constitution.” ernment in Baghdad had only paid the KRG its
Following a preliminary agreement in share during six months of 2020, with funding
December on the KRG’s share of the 2021 “intermittent” for three of these months.
budget, Talabani said: “now our discussions are Meanwhile, speaking to the Iraqi National
with political parties,” adding that the issue of the News Centre, Talabani said: “We hope to build a
budget is “in the hands of [the Iraqi] Parliament, new oil and finance relationship with the central
and we hope that we will reach a positive result government, and we have faith that this will be
with a fair and implementable agreement”. achieved step by step, until we reach the estab-
He alluded to the state of negotiations, not- lishment of a new SOMO company in which
ing that in recent discussions “the Parliamen- there are Kurdish members on the board of
tary Finance Committee asked us 13 questions directors [BoD].”
related to oil, export, domestic consumption and He added that it should be restructured to
other figures.” include Kurdish members on its BoD to “handle
In late December, the Iraqi cabinet gave its the issue of oil prices in an appropriate manner,
approval to the government’s draft 150 trillion serving the country, including the Kurdistan
dinar ($103bn) budget for 2021 despite issues Region.”™

P10 www. NEWSBASE .com Week 06 10•February•2021