BAKU, Azerbaijan, Nov.2
By Leman Zeynalova – Trend:
Naturelgaz, subsidiary of Global Investment Holdings, has completed the process of taking over SOCAR Turkey's LNG and CNG distribution operations, Trend reports with reference to Turkish media.
Naturelgaz has paid 32.411 million Turkish liras ($3.8 million) for the transaction.
The agreement between Naturelgaz and SOCAR Turkey on the takeover of SOCAR Turkey LNG was inked on February 6, 2020. However, the Energy Markets Regulatory Authority of Turkey (EPDK) didn’t give a green light to this transaction, since it was contradicting with the law of the Natural Gas Market. Therefore, after some changes in the agreement, the transaction was realized.
Focusing on its main investment areas, namely petro-chemical products, refining, natural gas trade and distribution, SOCAR Turkey is the first company to get the title of 'Private Industrial Zone' in Turkey for its fields covering most of its investments in Aliaga.
SOCAR Turkey, which has become a symbol of the developing economic cooperation between the fraternal countries of Azerbaijan and Turkey, provides support to enable Turkey to be an influential power across the international energy arena with its investments.
Maintaining its investments with the strong belief in the potential and future of Turkey, SOCAR Turkey provides a substantial contribution to the economies of Azerbaijan and Turkey. Having completed the integration process in refinery, petro-chemistry, energy, logistics, distribution and storage, the group forges ahead to become the biggest industrial holding of Turkey.
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