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Azerbaijan´s SOCAR buys EWE's Turkish gas business

SOCAR acquired EWE and its group of companies, which manages the operations of the German EWE AG in Turkey.

Azerbaijan´s SOCAR buys EWE's Turkish gas business

Baku, January 31 - Neftegaz.RU. Turkey's largest foreign investor, SOCAR, has acquired EWE Turkey Holding and its group of companies, which manages the operations of the German energy company EWE AG in Turkey.


«The purchase of this natural gas distribution business will complete our investment chain in Turkey, creating additional value for Azerbaijan and Turkey», said Rovnag Abdullayev, President of SOCAR.


SOCAR has been supplying natural gas to the Turkish market for the last 12 years. The acquisition of EWE Turkey will enhance the value of the natural gas distribution sector and create favorable conditions for SOCAR to access directly the end customer market in Turkey. The acquisition process will be finalized after the approval by the Competition Authority and other related organizations.


The company aims to become a major industrial actor in Turkey through the wide range of investment projects and acquisitions. In the next step SOCAR acquired Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom, the companies within EWE Turkey Holding.


Abdullayev stressed that natural gas distribution is one of the key links in completing the investment chain in Turkey. He said: «The synergies created by purchasing EWE's assets in Turkey will bring significant benefits to the economies of Azerbaijan and Turkey. Thus, SOCAR's entry into the natural gas distribution business in Turkey is a commercially expedient strategic step that completes the links of the production-transportation-distribution chain. Therefore, after the integration of EWE assets into our company, we will continue to evaluate other opportunities in the market.»


Source : Neftegaz.RU