Azernews.Az

By Gulgiz Dadashova

Azerbaijan's state energy company SOCAR, which is the largest investor in Turkey, is considering various plans to set foot in Turkey's fuel market.

Some Turkish media reports reveal that SOCAR is mulling over a plan to buy the whole stakes of Austria's OMV Petrol Ofisi (POAŞ) - Turkey's leading fuel products distribution and Lubricants Company.

The reports also noted that the Austrian company has decided to sell its stake in Petrol Ofisi and leave the Turkish market forever.

OMV bought 54.17% shares of Petrol Ofisi from Dogan Holding in 2010 having paid 1 billion euros. It then increased its stake in the company to 97 percent. Currently, OMV is operating 61 companies and 12 526 petrol stations in Turkey.

SOCAR Turkey Enerji, a subsidiary of SOCAR in Turkey earlier reported that it is working on several options to acquire some fuel distribution stations in Turkey.

To this end, Socar Turkey has been negotiating with BP Turkey on purchasing its assets in fuel distribution field. Besides buying BP Turkey stakes, Socar Turkey has been looking for other company's stakes as well.

SOCAR Turkey Enerji ranks second in the field of industrial production in Turkey. The company owns equal shares in Petkim Petrokimya Holding engaged in the manufacturing of plastic packages, fabric, PVC and detergents. It is also involved in the construction of an oil refinery, a container terminal and power plant near Aliaga in Turkey.

SOCAR already owns several gas stations in Azerbaijan, Switzerland, Georgia, Romania and Ukraine. Earlier, SOCAR voiced interest in creating a gas distribution system in Albania, as it is deemed a profitable area for investment.

Recently the company acquired a controlling share package of Greek natural gas transmission network operator, DESFA. It will enable SOCAR to participate in various investment projects in the Balkan countries, and in particular, the process of gas supply in Albania.

SOCAR is also involved in the Trans-Anatolian gas pipeline project, which aims to ensure the transportation of Azerbaijani gas through Turkey to the border with Europe. The project will allow the export of gas to the European market and importantly expand the company's activity abroad.