The company was established in 2003 in Istanbul. In 2004, Gazprom Germania a subsidiary of the Russian gas company Gazprom, became shareholder in Bosphorus Gaz.[2] In 2009, Gazprom raised its share in the company from 40% to 51%.[2] Later this year, Gazprom Germania acquired additional 20% of shares.[2][3] This acquisition is pending of approval from Turkish authorities. Rest of the shares are held by Tur Enerji, a joint venture of the Şen family and Ringas Management B.V.[2]