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Bursagaz & Kayserigaz Acquisition by SOCAR Turkey Completed

Source: www.gulfoilandgas.com 6/17/2019, Location: Asia

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 five 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, Chairman of SOCAR Turkey said Bursagaz and Kayserigaz joining the group complemented SOCAR’s natural gas value chain in Turkey. ''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 natural gas to Turkey. Since 2013, SOCAR Turkey has been involved in natural gas sales here. We are the biggest partner of TANAP, the largest Turkish-Azerbaijani project, which provides natural gas transportation. Now by bringing Bursagaz and Kayserigaz to SOCAR Turkey we are starting to distribute natural gas. I believe the synergy created by this large integration is very important for both the company and the economies of our friendly countries. I would like to say our new staff “Welcome to the SOCAR family”, he added.

The companies acquired together with Bursagaz and Kayserigaz will further strengthen SOCAR Turkey, Aliyev said and added: “We have been distributing natural gas in Azerbaijan and all over Georgia except Tbilisi for a long time. Maintaining customer satisfaction at the highest level, we will expand our natural gas distribution experience to Bursa and Kayseri. Natural gas operations have an important role in our growth today and the future. We want to grow these activities and will continue to seek new opportunities in the future.”

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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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