Baku: SOCAR Trkiye, the largest direct foreign investor in the country, has successfully acquired the Central Anatolia Combined Cycle Gas Turbine Power Plant from GAMA Energy A.S., marking a significant milestone in the energy sector. The transaction was formalized during a signing ceremony held in Baku on December 23, as part of the 2nd Azerbaijan-Trkiye Investment Forum, which coincided with the 12th meeting of the Azerbaijan-Trkiye Intergovernmental Commission on Economic Cooperation.

According to Azerbaijan State News Agency, the acquisition of the power plant, located in Kirikkale, Trkiye, reinforces SOCAR Trkiye's commitment to strengthening its energy operations. With an installed capacity of 870 MW, the plant is pivotal in ensuring the security of Trkiye's electricity supply. This strategic move is expected to enhance SOCAR Trkiye's integrated, sustainable, and competitive value chain by combining production with commercial activities.

SOCAR President Rovshan Najaf highlighted the significance of the acquisition, noting that it aligns with the company's long-term strategic objectives and commitment to sustainable value creation in Trkiye. Najaf emphasized that the investment is a crucial step in SOCAR's strategy for electricity generation from natural gas, contributing to the Turkish economy and optimizing natural gas utilization within the company's operations.

The acquisition aims to bolster SOCAR Trkiye's market position across the entire energy value chain, from production to end consumer. It also seeks to optimize portfolio management, operational requirements, and achieve economies of scale, ensuring a robust presence in the energy market.