SOCAR signs deal to buy Gama Enerji gas plant in Turkey for $225 MM

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.

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.

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