By Oguzhan Ozsoy
ANKARA
Turkey’s Energy Marketing Regulatory Authority has set up an Istanbul-based energy bourse.
Officials from the energy watchdog told the Anadolu Agency that EMRA would announce an initial public offering for shares in the energy bourse. Forty percent of the energy shares (worth $12 million) will be purchased by energy companies.
Thirty percent of the energy exchange shares belong to two state-owned companies, Turkish Petroleum Pipeline Corporation and the Turkish Electricity Transmission Company. The remaining 30 percent of shares belong to Borsa Istanbul, Turkey's state-run stock exchange.
To prevent a monopoly in the bourse a private energy company cannot buy over $113,000 in shares.
Three kinds of shares will be traded in the bourse: A, B and C. The type A shares will relate to state-owned companies, type B will be used for Borsa Istanbul shares and the type C shares for private companies.
The energy bourse will start with around $30 million in capital.
It is expected that the total establishment process of the bourse will be completed by the next year.
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