SOCAR finalizes sale of gas distribution networks in Türkiye

SOCAR finalizes sale of gas distribution networks in Türkiye The deal to sell natural gas distribution companies Bursagaz and Kayserigaz, operating under SOCAR Türkiye, the largest foreign direct investor in Türkiye and an integrated industrial group, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has
Energy
January 13, 2025 20:14
SOCAR finalizes sale of gas distribution networks in Türkiye

The deal to sell natural gas distribution companies Bursagaz and Kayserigaz, operating under SOCAR Türkiye, the largest foreign direct investor in Türkiye and an integrated industrial group, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), has been finalized, Report informs, referring to the SOCAR Türkiye.

According to SOCAR Türkiye, Bursagaz and Kayserigaz will be managed by their new owner, AKSA Energy, upon completion of the sale process.

Bursagaz and Kayserigaz have been under SOCAR Türkiye's management since 2019, providing natural gas distribution services to approximately two million subscribers.

Thus, Bursagaz serves around 1.2 million subscribers through a network exceeding 7,000 kilometers, making it the fourth-largest gas distribution company in Türkiye based on sales to end consumers. Kayserigaz, on the other hand, serves 700,000 subscribers with a network length of more than 7,000 kilometers.

Since acquiring these companies in 2019, SOCAR Türkiye has significantly invested in developing their infrastructure, improving service quality, and implementing innovations. As a result, the companies have enhanced their operating performance and expanded access to natural gas in new areas.

"We are proud to have fulfilled our promise to provide natural gas to all settlements within the responsibility areas of Bursagaz and Kayserigaz. These companies have attracted investors due to their developed infrastructure, high-quality work, and professional employees. The sale decision aligns with our long-term strategic goals," said SOCAR Türkiye CEO Elchin Ibadov while commenting on the deal.

According to Ibadov, SOCAR Türkiye remains the country's largest foreign direct investor, having invested approximately $18.5 billion in Türkiye. "The company will focus on strategically important areas, including the development of the petrochemical sector. SOCAR Türkiye has already started preliminary engineering works (Pre-FEED and FEED) for new petrochemical projects. We will continue to implement projects that contribute to the economic, social development, and employment of Azerbaijan and Türkiye," he added.

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