Turkey’s TCA and EMRA approve SOCAR-EWE Turkey Holding deal

By Trend

The Turkish Competition Authority (TCA) and Energy Market Regulatory Authority of Turkey (EMRA) have approved the purchase of EWE Turkey Holding assets by Azerbaijan’s state-owned SOCAR company, Trend reports referring to Turkish media.

EWE Turkey Holding sold its assets, namely Bursagaz, Kayserigaz, Enervis, EWE Enerji and Millenicom, to Azerbaijan’s SOCAR in early 2019. The media noted that the contract was worth $140 million.

The acquisition of the Millenicom telecommunications company will be considered separately on May 29 by the Information and Communication Technologies Authority of Turkey (ICTA).

Earlier, EWE AG told Trend that the decision on the possible sale of its assets in Turkey is related to the optimization of the company's activity.

EWE Turkey Holding has been operating in Turkey since 2007 and it is the fourth biggest supplier of natural gas in Turkey. In 2017, the company’s turnover amounted to almost 2.4 billion Turkish liras.

SOCAR is represented in Turkey by its subsidiary SOCAR Turkey Energy. So far, SOCAR Turkey Energy has invested over $14 billion in the Turkish economy. Meanwhile, 5,000 people work in the company, and its the annual export potential reaches $3 billion. Among SOCAR’s current assets in Turkey are the Petkim petrochemical complex, the STAR refinery and the Petlim port.

($1=6.0107 TL on May 17)