SOCAR updates on talks for buying EWE’s Turkish assets

  28 November 2018    Read: 1229
SOCAR updates on talks for buying EWE’s Turkish assets

Azerbaijan’s state oil company SOCAR is holding talks with the German EWE on buying its Turkish assets, Public Relations Head at Azerbaijan’s state oil company SOCAR Ibrahim Ahmadov told Trend.

He was commenting on Turkish media reports, which said that the companies have already signed a purchase and sale agreement.

“As it was earlier reported, we are holding talks with this company. However, no final agreement has been signed yet,” said Ahmadov.

Turkish media reported that EWE Turkey Holding, subsidiary of EWE, has sold its shares in Bursagaz, Kayserigaz, EWE Enerji and Enervis to SOCAR.

Reportedly, the cost of the agreement is estimated at $140 million.

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

“In the past 10 years, EWE has built up valuable companies in Turkey, which are able to manage investments entirely on their own,” EWE said. “Nevertheless, EWE regularly reviews whether all current measures ensure sustainable growth for the Group in the defined future areas.”

“Therefore, we conducted a market investigation for our Turkey business,” the company said. “We noticed that there are some interested parties for this business. If a prospective customer wants to continue this business and offers us an acceptable price, EWE will divest this business.”

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