SOCAR expands Turkish energy presence by acquiring 870 MW gas power plant from Gama Enerji, reinforcing regional integration and energy strategy.
Azerbaijan’s state-owned energy major SOCAR has announced a significant expansion of its operations in Turkey through a new acquisition agreement. The company has signed a deal to purchase an 870-megawatt natural gas–fired power generation facility located in central Turkey from Gama Enerji for a total consideration of $225 million. The transaction marks another milestone in SOCAR’s long-term strategy of strengthening its integrated energy presence in one of its most important international markets.
According to the announcement, the acquisition agreement was formally signed in Baku during the Azerbaijan–Turkey Investment Forum. The signing ceremony was attended by senior leadership from both sides, including SOCAR president Rovshan Najaf and Gama Enerji chairman Ahmet Ozman. The forum itself underscored the deepening economic and investment ties between Azerbaijan and Turkey, particularly in the energy sector, where cooperation has been a cornerstone of bilateral relations for decades.
The power plant involved in the deal is the Ic Anadolu natural gas combined cycle facility, which commenced commercial operations in 2016. With an installed capacity of 870 MW, the plant plays an important role in meeting Turkey’s electricity demand by providing reliable baseload power using natural gas. Combined cycle technology allows for higher efficiency compared to conventional gas plants, as waste heat from gas turbines is used to generate additional electricity through steam turbines. This makes the asset strategically attractive for SOCAR as it continues to diversify beyond upstream oil and gas into power generation and downstream activities.
SOCAR already has a substantial footprint in Turkey’s energy landscape. The company owns the Petkim petrochemical complex, one of Turkey’s largest petrochemical producers, and the STAR oil refinery, a major refining asset designed to reduce Turkey’s dependence on imported refined products. The acquisition of the gas-fired power plant further complements these investments, allowing SOCAR to strengthen vertical integration across refining, petrochemicals, and power generation within the Turkish market.
Turkey also occupies a critical position in SOCAR’s broader regional strategy due to its role as a key transit hub for Azerbaijani oil and natural gas exports to Europe. Major pipeline infrastructure, including the Trans-Anatolian Natural Gas Pipeline (TANAP), passes through Turkey, enabling the transportation of Caspian gas to European consumers. This strategic geography has made Turkey an essential partner for Azerbaijan’s energy exports and has encouraged SOCAR to continue expanding its investments in the country.
From Turkey’s perspective, the transaction highlights continued foreign investor interest in its energy sector, particularly in power generation assets that support energy security and grid stability. Natural gas remains a vital component of Turkey’s electricity mix, especially as the country balances rapid demand growth with the integration of renewable energy sources.
For SOCAR, the $225 million acquisition is expected to enhance long-term value by generating stable cash flows while reinforcing its position as a leading international energy investor. The deal also reflects confidence in Turkey’s regulatory framework and long-term energy demand outlook. Once completed, the acquisition will further cement SOCAR’s role not only as a supplier and transit partner, but also as a power producer in one of Eurasia’s most strategically important energy markets.
