Companies & Finance

Weak Turkish lira may favour SOCAR expansion plan

SOCAR wants to reach a 20% share of Turkey’s gas market, and the country’s recent economic woes are likely to help it SOCAR wants to reach a 20% share of Turkey’s gas market, and the country’s recent economic woes are likely to help it.
By Silvia Favasuli 14 August 2018 0 32134
A SOCAR gas processing plant in Azerbaijan A SOCAR gas processing plant in Azerbaijan. (SOCAR)

The drop in the value of the Turkish lira could help State Oil Company of Azerbaijan Republic (SOCAR) to further extend its presence in Turkey’s gas sector. The lira plummeted in value against the dollar at the end of last week and has declined in value by around 40% since the start of the year. 

The crash could provide SOCAR with the opportunity to buy assets at a lower cost in line with its target to expand along Turkey’s gas supply chain.

German utility EWE, for example, is one company...