Azerbaijan’s SOCAR sells its 2 largest gas distribution companies in Türkiye

SOCAR, Azerbaijan-based energy giant and Türkiye’s largest foreign direct investor has finalized the sale of its gas distribution companies, Bursagaz and Kayserigaz, to another energy giant, Turkish Aksa Natural Gas.

Operating under the SOCAR Türkiye umbrella since 2019, Bursagaz and Kayserigaz provide natural gas distribution services to nearly 2 million subscribers in Bursa and Kayseri.

With approximately 1.2 million subscribers and a pipeline network exceeding 7,000 kilometers (4349.6 miles), Bursagaz ranks as Türkiye’s fourth-largest natural gas distribution company in terms of final consumer gas sales. Meanwhile, Kayserigaz, with a network of over 7,000 kilometers, safely delivers natural gas to 700,000 BBS subscribers.

SOCAR’s focus on $7 billion petrochemical investments

Commenting on the sale, SOCAR Türkiye CEO Elchin Ibadov stated that the decision to sell aligns with the company’s strategic focus on its recently introduced $7 billion petrochemical investments.

“We view the sale of our companies in line with SOCAR Türkiye’s long-term strategic goals. With approximately $18.5 billion invested to date, we are Türkiye’s largest foreign direct investor and remain committed to generating value in the country for many years through our strategically important investments. We will steadfastly continue our activities contributing to the economies, employment, and social development of both Azerbaijan and Türkiye,” Ibadov said.

SOCAR Türkiye’s Refinery and Petrochemical Business Unit President Kenan Mirzayev announced that the Azerbaijani company plans to invest $7 billion in petrochemical facilities across Türkiye. These investments aim to reduce the country’s dependency on imports in the petrochemical sector,” Mirzayev stated.