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EWE and SOCAR will conclude sale of Turkish companies on 17 June

Christian Fernsby |
EWE and SOCAR Turkey have scheduled the closing procedure of the sale of EWE’s Turkish companies.

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At the end of January, the companies had signed a sales agreement to transfer 100 percent of shares in EWE Turkey Holding to SOCAR.

Following the approval of the Turkish Competition Authority and the Turkish Regulatory Authority for Energy Markets and Information Technologies, the transaction now will be completed on 17 June 2019.

EWE Turkey Holding, headquartered in Istanbul, was founded by EWE at the beginning of 2007 in order to seize the opportunities offered in the dynamic energy market of Turkey.

It holds a majority interest in the regional gas distribution companies Bursagaz and Kayserigaz (each 80 percent of the shares), the trading and sales company EWE Enerji, the energy service company Enervis Enerji Servis and the telecommunications company Millenicom (each 100 percent).

SOCAR Turkey is a subsidiary of the SOCAR-State Oil Company from Azerbaijan and is the largest foreign investor in Turkey with USD 15 billion of investments since 2008.

SOCAR's activities in Turkey include refining, petrochemicals, natural gas pipelines, storage, transportation, delivery and sale of domestic and foreign products.

With the acquisition of EWE Turkey Holding, SOCAR Turkey now also has direct access to customers in Bursa and Kayseri for the sale of natural gas and to the telecommunication-customers of millenicom.

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