4/16/2008

Istanbul to sell gas grid and fast ferry lines

Today's Zaman - Istanbul Mayor Kadir Topbas said the administration was preparing to sell Istanbul Metropolitan Municipality subsidiaries Istanbul Gas Distribution Inc. (IGDAS) and Istanbul Seabuses and Fast Ferries Inc. (IDO), projected to bring $10 billion in revenue. Topbas said preliminary studies for the IGDAS sale were under way and that planning for the sale of IDO was going on parallel to that. He added they would privatize other municipal companies through public offerings but that the amount of stake to be sold had not yet been decided and alternatives were still being weighed. "But I expect a minimum amount of $10 billion [from the IDO and IGDAS sales]," he said, adding that the money would be used to add an additional 100-150 kilometers to the city's metro line.