SOCAR plans to buy petrol stations in Turkey

Business

15:30 | 08.02.2019

SOCAR plans to buy petrol stations in Turkey

SOCAR Turkiye Enerji (the Turkish subsidiary of State Oil Company of Azerbaijan, SOCAR) plans to acquire a company in Turkey with a network of 600-700 petrol (gasoline) stations, the head of the company, Zaur Gahramanov said, Interfax reports, citing Turkish media.

'The company plans to expand its operations in Turkey and in the fuel distribution sector. In November 2018, SOCAR Turkiye won the tender for the opening of 9 petrol stations at the new Istanbul airport, and recently agreed to acquire gas distribution companies of the German EWE A.G. in Turkey. At present, the company is eyeing the possibility of acquiring a company that owns at least 600-700 petrol stations,' Z.Gahramanov said in an interview with Turkish media.

The head of SOCAR Turkiye Enerji also reported that so far SOCAR's investments in the Turkish economy amounted to $14.2 billion. The company intends to invest another $5.3 billion in projects in Turkey over the next three years.

According to Z.Gahramanov, at present SOCAR Turkiye Enerji's market value is estimated at about $11 billion.

At present, SOCAR Turkiye Enerji is the owner of a controlling stake (51%) of the petrochemical complex of Turkey Petkim Petrokimya Holding. The company in Turkey also built the STAR oil refinery, a container terminal, a power plant, and is also engaged in natural gas supplies to the domestic market.

On January 30, 2019, SOCAR Turkiye Enerji announced the acquisition of EWE Turkey Holding and its affiliates EWE AG operations manager in Turkey: Bursagaz, Kayserigaz, Enervis, EWE Enerji and Millenicom.

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