EWE to divest its stakes in Turkish gas business to SOCAR

EWE has launched the divesting process in its stakes in Turkish gas distribution businesses Bursagaz AS and Kayserigaz AS. EWE owns a total of 80 percent of the shares of Bursagaz AS and Kayserigaz AS, the remaining 10 percent belong to the Calik Enerji Sanayi ve Ticaret A.S. company and the relevant municipalities.

BURSAGAZ AS distributes natural gas and also provides online installation services for gas distribution. The company serves industries and residents in Bursa. On the other hand, Kayserigaz  engages in the distribution of natural gas. Its activities include planning, designing, construction, operation, maintenance, extension of distribution network; and retail sales of natural gas to subscriber fee consumers.

The price of the German company's share in the gas distribution companies in Bursa and Kayseri proposed for sale is $200-250 million. SOCAR claims the assets of EWE. The management of EWE Turkey Holding has already held a number of meetings with potential buyers, including SOCAR and KOLIN Insaat, Turizm Sanayi ve Ticaret A.S. group of companies.