SOCAR completes sale of its telecommunications company in Türkiye

SOCAR Türkiye, a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR) operating in oil refining, petrochemicals, natural gas, and energy trading in Türkiye, is divesting Millenicom telecommunications company, which is left out of those areas, from its assets, Report informs, citing SOCAR Türkiye.

Under this decision, Millenicom will now serve its customers under the umbrella of Albaraka Portföy Yönetimi AŞ Fourth Mixed Venture Capital Investment Fund.

Millenicom, which has been part of SOCAR Türkiye group since 2019, has been one of Türkiye's leading alternative operators, providing fast, commitment-free, and unlimited fiber internet service to approximately 400,000 subscribers.

This sale will contribute to SOCAR Türkiye's goals of increasing operational efficiency and achieving sustainable growth by focusing on its core business areas covering oil refining, petrochemicals, and natural gas.