Azerbaijan's national oil and gas company SOCAR plans to list part of its Turkish subsidiary, SOCAR Turkey Enerji, on the London, Hong-Kong and Istanbul stock exchanges in 2021; the share of the company to be offered to investors through the initial public offering (IPO) has not been specified so far.
SOCAR Turkey Enerji fully owns the 200,000bbl/d Aegean refinery project (STAR) in İzmir's Aliağa district (Turkey), which was inaugurated in October 2018. The project is expected to reduce Turkey's trade deficit by around US$1.5bn/year (€1.3bn/year), cutting the import rate of diesel below 40%, that of LPG to 70% (from 80%) and eliminating needs for jet fuel imports.
SOCAR has been selling gas to Turkey since 2013 and is involved in the TANAP (Trans Anatolian Natural Gas Pipeline) project, which came onstream in 2018. Gas supplies to Turkey through the TANAP pipeline are expected to reach 3 bcm in 2019 and 6 bcm in 2020. In February 2019, SOCAR acquired the Turkish gas supplier EWE Turkey Holding from the German energy firm EWE (transaction to be completed by mid-June 2019). EWE Turkey Holdings belongs to the top five gas suppliers in Turkey and manages several sales and transport activities in the Turkish gas market through 80% majority stakes in the regional gas suppliers Bursagaz (Bursa and Greater Istanbul region) and Kayserigaz (Kayseri region). Through its third subsidiary EWE Enerji, it manages long and short-term gas procurement contracts and handles around 2.7 bcm/year of gas for industrial customers. It plans to distrbute 4 bcm/year of gas as of 2020.
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