SOCAR Expands Turkey Footprint with $225 Million Acquisition of Gas-Fired Power Plant

SOCAR has agreed to acquire an 870-MW natural gas-fired power plant in central Turkey from Gama Enerji for $225 million, expanding its downstream and gas-to-power footprint in a key transit market for Azeri oil and gas exports to Europe.

(Reuters) - Azerbaijan's state energy company SOCAR signed a deal to buy a 870 MW gas-fired power plant in central Turkey from Gama Enerji for $225 million, the company said on Tuesday.

SOCAR already owns the Petkim petrochemical complex and the STAR oil refinery in Turkey, and the acquisition further expands the company's footprint in the country's energy sector.

Turkey is also a key transit hub for Azeri oil and gas exports to Europe via the TANAP corridor.

The agreement was signed in Baku during the Azerbaijan–Turkey Investment Forum by SOCAR president Rovshan Najaf and Gama Enerji chairman Ahmet Ozman.

The Ic Anadolu natural gas combined cycle plant, began operations in 2016.