Bursagaz and Kayserigaz acquisition by Azerbaijan's SOCAR completed

Baku, June 18 - Neftegaz.RU. The final approval has been reached in the SOCAR Turkey acquisition of German EWE's subsidiaries. Vagif Aliyev, Chairman of SOCAR Turkey said: ''Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom will continue their operations under the SOCAR Turkey’s ownership adding value to the Turkish and Azerbaijani economies.

SOCAR Turkey has completed the acquisition of Bursagaz, Kayserigaz, Enervis, EWE Energy and Millenicom. Chairman of SOCAR Turkey Vagif Aliyev, CEO Zaur Gahramanov, as well as the CEO of EWE AG Stefan Dohler and CFO of EWE AG Wolfgang Mücher took part in the signing of final agreement.

After the signing of the sale contracts in January 2019 and obtaining final approval on the issue recently, the 5 companies will operate from now under the umbrella of SOCAR Turkey together with STAR Refinery, TANAP, Petkim, SOCAR Terminal and Petkim Wind Power Plant.

Vagif Aliyev said: ''Since entering the Turkish market, we have taken the dynamics and productivity of the sector where we operate into consideration and have focused on integration in all of our investment projects. For 12 years, we have been supplying gas to Turkey. Since 2013, SOCAR Turkey has been involved in gas sales here. We are the biggest partner of TANAP, which provides natural gas transportation. Now by bringing Bursagaz and Kayserigaz to SOCAR Turkey we are starting to distribute gas. I believe the synergy created by this large integration is very important for both the company...".

He added: “We have been distributing gas in Azerbaijan and all over Georgia except Tbilisi for a long time. Maintaining customer satisfaction at the highest level, we will expand our gas distribution experience to Bursa and Kayseri...”

Aliyev also mentioned that Millenicom, a telecommunication company, is among the companies purchased and it will help create an important synergy together with the 1850-km SOCAR Fiber, which is constructed along TANAP.