SOCAR Türkiye completes sale of gas distribution networks

SOCAR Türkiye, the biggest foreign investor in Türkiye and an integrated industrial group, has completed the sale of its gas distribution networks Bursagaz and Kayserigaz to AKSA Enerji.

Following the completion of the transaction, these companies will be managed by the new owner, Caliber.Az reports per local media.

Since being managed by SOCAR Türkiye in 2019, Bursagaz and Kayserigaz have rendered natural gas distribution services to approximately two million subscribers within their service areas.

Bursagaz serves around 1.2 million subscribers through a network spanning over 7,000 kilometres, making it the fourth-biggest gas distribution company in Türkiye by sales volume to end consumers. Kayserigaz supplies natural gas to 700,000 subscribers via a network also extending more than 7,000 kilometres. Since acquiring these companies in 2019, SOCAR Türkiye has invested greatly in developing their infrastructure, improving service quality, and implementing innovations.

As a result, the companies not only have enhanced their operational performance but also expanded access to natural gas in new regions.

"We are proud to have fulfilled our commitment to supply natural gas to all settlements within the service areas of Bursagaz and Kayserigaz. These companies have attracted the attention of investors due to their well-developed infrastructure, high service quality, and professionalism of their staff. The decision to sell aligns with our long-term strategic goals," CEO of SOCAR Türkiye Elchin Ibadov said by commenting on the transaction. 

SOCAR Türkiye, which has invested approximately $18.5 billion in Türkiye, remains the biggest direct foreign investor in the country. The company will focus on strategically important sectors, including the development of the petrochemical industry. As part of these plans, SOCAR Türkiye has already begun preliminary engineering work (Pre-FEED and FEED) for new petrochemical projects. 

"We will continue implementing projects that contribute to the economic and social development, as well as employment, in both Azerbaijan and Türkiye," Ibadov added.

SOCAR entered the Turkish market in 2008 with the acquisition of the "Petkim Petrochemical Complex" and the establishment of "SOCAR Türkiye." Since then, "SOCAR Türkiye" has played a key role in strengthening the growing economic relationship between Azerbaijan and Türkiye.

By Naila Huseynova