SOCAR Invests $225 Million in Turkey's Energy Assets

World

The State Oil Company of Azerbaijan (SOCAR) has made a major strategic acquisition in Turkey, strengthening its status as a key energy player in the region. The company has acquired the Gama Enerji İç Anadolu power plant with a capacity of 870 MW for $225 million.

SOCAR Invests $225 Million in Turkey's Energy Assets
The State Oil Company of Azerbaijan (SOCAR) signed a significant agreement during the II Azerbaijan-Turkey Investment Forum. The company will acquire 100% of the shares of the Turkish Gama Enerji İç Anadolu power plant.

Key deal details:

Cost: $225 million USD

Facility capacity: 870 MW

Ownership stake: SOCAR will become the full (100%) owner of the plant

This investment is seen as a strategic move that not only expands SOCAR's assets in Turkey's energy sector but also deepens energy cooperation between the two countries. The purchase of the power plant strengthens Azerbaijan's position as a multi-faceted energy partner for Turkey, moving beyond the oil and gas sphere.

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