SOCAR receives more licenses in Turkey

SOCAR Turkey Enerji A.Ş., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, received 4 more licenses from Turkey’s Energy Market Regulatory
Wednesday, 16 August 2017 19:03

Turkey’s Energy Market Regulatory (EPDK) issued a license for storage of liquefied petroleum gas (LPG) for 15 years, two licenses for 15 years were received for the supply of petroleum products and another license for Storage (warehousing) of oil products, the Turkish Official Gazette (Resmi Gazete) stated on August 16.

In total, the EPDK issued licenses to 21 companies in the fields of electricity, oil, natural gas and LPG, and 24 companies had their licenses revoked.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under the brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.

Petkim shareholders include SOCAR Turkey Petrokimya A.Ş. with a share of 51 percent, SOCAR Turkey Energy with 1.32 percent and 47.68 percent within free float.