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SOCAR creates gas distribution company in Turkey

5 November 2012 11:39 (UTC+04:00)
SOCAR creates gas distribution company in Turkey

SOCAR Turkey Energy, a subsidiary of Azerbaijani state energy SOCAR, jointly with Turkish gas company Çığ Enerji has established SOCAR Gaz Ticareti AŞ for gas distribution on the domestic market of Turkey, the Haberturk newspaper reported on Monday.

According to the report, the company will distribute 700-800 million cubic meters of gas imported into Turkey from Azerbaijan.

The newspaper said given the fact that the gas imported from Azerbaijan, is much cheaper than Russian and Iranian gas, its sale on the Turkish market will be profitable.

According to the newspaper, 1,000 cubic meters of gas from Azerbaijan costs Turkey $282, whereas 1,000 cubic meters of Iranian and Russian gas costs $423 and $418 respectively.

SOCAR Turkey Energy head Kenan Yavuz said earlier that the company will start importing 1.2 billion cubic meters of natural gas from Azerbaijan from Jan.1, 2013.

According to Yavuz, 400-500 million cubic meters of imported gas will be used for the production in the Petkim petrochemical complex, while the remaining part of the gas will be sold on Turkey's market.

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