January 30, 2019 / 6:47 PM / 6 months ago

Azeri firm SOCAR buys EWE's Turkish operations

ISTANBUL (Reuters) - Azeri energy firm SOCAR acquired the Turkish operations of Germany’s EWE and will be distributing natural gas to industrial cities of Kayseri and Bursa, SOCAR said in a statement on Wednesday.

EWE’s operations in Turkey include Bursagaz and Kayserigaz, the gas distribution networks and the EWE Enerji and Enervis businesses, which are involved in energy trade and service. It also owns a telecom company there called Millenicom, according to EWE’s annual report.

State-owned SOCAR has a petrochemical plant and oil refinery in Turkey and has said it wanted to acquire gas distribution networks in 2019. It aims to take up a fifth of the natural gas market in neighboring Turkey, where 50 billion cubic meters of gas were consumed last year.

EWE’s Turkish operations recorded 2.4 billion lira revenue in 2017, according to the company’s website.

“We have taken a very important strategic step with this acquisition which completes production, transfer and distribution chain of natural gas in Turkey,” SOCAR President Rövnag Abdullayev said, adding that they will continue to take opportunities in the market.

The acquisition of EWE Turkey Holding will be finalised after the necessary permissions are acquired, SOCAR also said.

Reporting by Can Sezer and Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by Elaine Hardcastle

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