Oldenburg/Istanbul. EWE has successfully completed the sale of its Turkish companies to SOCAR Turkey (Istanbul). At the end of January, the companies had signed an agreement to transfer 100 percent of shares in EWE Turkey Holding. Following the approval of the Turkish Competition Authority and the Turkish Regulatory Authority for Energy Markets and Information Technologies, the transaction has now been completed. For the purchase price confidentiality was agreed.
"With SOCAR Turkey, we have found a reputable and reliable partner for our Turkish companies, who is already active in the country and wants to extend its value chain with the entry into gas distribution to end customers," explains Stefan Dohler, CEO of EWE AG. Following a strategy review in the summer of 2018, the company decided to concentrate primarily on the opportunities in the German home market. "We are pleased about the successful conclusion and wish all the employees a further successful future as part of SOCAR Turkey."
EWE Turkey Holding, headquartered in Istanbul, was founded by EWE at the beginning of 2007 in order to seize the opportunities offered in a dynamic growth market. It holds a majority interest in the regional gas companies Bursagaz and Kayserigaz (each 80 percent of the shares) and the trading company EWE Enerji, the energy service 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 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 for the sale of natural gas.