SOCAR concludes purchase of EWE’s Turkish assets

The SOCAR Turkey Energy A.S (STEAŞ) has completed the purchase of the shares of the German energy giant EWE Turkey Holding, subsidiary of EWE, in Bursagaz, Kayserigaz, EWE Enerji, Enervis and Millenicom companies.

“These companies will continue their operations under the SOCAR Turkey’s ownership adding value to the Turkish and Azerbaijani economies,” said Chairman of the Board of SOCAR Turkey Vagif Aliyev. He noted that Bursagaz and Kayserigaz by joining the group of companies have complemented SOCAR’s natural gas value chain in Turkey, adding that Millenicom will also help create the synergy with the ongoing construction of the 1850-kilometer “SOCAR Fiber” project along the TANAP pipeline route.

The companies signed a sales agreement to transfer 100 percent of shares in EWE Turkey Holding to SOCAR on January 30.

EWE Turkey Holding, headquartered in Istanbul, was founded by EWE in 2007 in order to seize the opportunities offered in the dynamic energy market of Turkey. It holds a majority interest in the regional gas distribution companies Bursagaz and Kayserigaz (each 80 percent of the shares), the trading and sales company EWE Enerji, the energy service company Enervis Enerji Servis and the telecommunications company Millenicom (each 100 percent).

SOCAR Turkey is a subsidiary of the SOCAR-State Oil Company from Azerbaijan and is the largest foreign investor in Turkey with USD 15 billion of investments since 2008.