SOCAR Turkey completed the takeover of EWE Turkey Holding's subsidiaries Bursagaz, Kayserigaz, Enervis, EWE Enerji and Millenicom, according to a statement from the company on late Monday.
Germany centered EWE Turkey Holding has been operating in Turkey since 2007 and is the fourth biggest natural gas supplier in Turkey.
In January 2019, SOCAR Turkey and EWE Turkey Holding agreed on the transaction and Turkish authorities granted all necessary approvals last month.
As of June 17, SOCAR Turkey and EWE Turkey Holding representatives signed the final agreement for the takeover.
Thus, Bursagaz, Kayserigaz, Enervis, EWE Enerji and Millenicom became the subsidiaries of SOCAR Turkey as of June, 17.
The economic value of the purchase was not announced.
With the purchase, SOCAR Turkey will start operating in natural gas distribution, energy services and telecommunication sectors after the refinery, petrochemicals and wind energy sector in Turkey.
The synergy of this integration will contribute to the economies of both Turkey and Azerbaijan, said SOCAR Turkey Chairman Vagif Aliyev.
He also reminded that SOCAR operates in natural gas distribution sector of Georgia excluding Tbilisi and will transfer the experience in that region to Bursagaz and Kayserigaz by maximizing the consumer satisfaction.
"We want to grow in natural gas and will continue to look for opportunities," Aliyev said.
SOCAR Turkey has around $15 billion investment in Turkey with STAR Refinery, Petkim, Petlim - largest integrated port of the Aegean - , Trans Anatolian Natural Gas Pipeline and wind power plants with around 55 megawatts of installed capacity.
The company plans to invest in a second petrochemical facility in Turkey with BP for an estimated value of $1,5-2 billion.
By Nuran Erkul Kaya