SOCAR buys German energy giant's assets in Turkey

Thu 09 August 2018 11:59 GMT | 15:59 Local Time

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The German giant EWE AG company is preparing to withdraw from the energy market of Turkey and to sell its share in gas distribution companies Bursagaz AS and Kayserigaz AS.

SOCAR claims the assets of the Turkish division of the German giant EWE AG — EWE Turkey Holding, Turkish media reported.

The management of EWE Turkey Holding has already held a number of meetings with potential buyers, including SOCAR and KOLIN Insaat, Turizm Sanayi ve Ticaret A.S. group of companies.

The price of the German company's share in the gas distribution companies in Bursa and Kayseri proposed for sale is $200-250 million. EWE owns a total of 80 percent of the shares of Bursagaz AS and Kayserigaz AS, the remaining 10 percent belong to the Calik Enerji Sanayi ve Ticaret A.S. company and the relevant municipalities.

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