French Engie Completes Sale of Its 4 Companies in Turkey

French energy company Engie has divested four companies in Turkey. The Competition Authority approved the acquisition of sole control of Baymina Enerji A.Ş., Engie Yönetim Enerji Hizmetleri ve Ticaret A.Ş. and Gazko Enerji Ticaret A.Ş. directly by Palmet Enerji A.Ş., and sole control of İzgaz İzmit Gaz Dağıtım Sanayi ve Ticaret A.Ş. indirectly by Palmet Enerji A.Ş. The company, formerly known as Gaz de France Suez and renamed Engie in 2015, had acquired a 90 percent stake in İzmit Gaz Dağıtım Sanayi ve Ticaret A.Ş. (İZGAZ), Turkey's fifth-largest natural gas distribution company, for USD 232 million through privatization in 2008. The French company had acquired a 95 percent stake in the Baymina natural gas combined-cycle power plant (Baymina Enerji) in Ankara, which has 770 megawatts of installed capacity, in 2001. The plant, which commenced operations in 1998, cost USD 700 million and its license expired last year. Engie continues to operate the Uni-Mar natural gas combined-cycle power plant in Tekirdağ, in which it is a partner, with 480 megawatts of installed capacity. Approval from the Energy Market Regulatory Authority (EPDK) is still pending for the sale. Palmet Enerji has natural gas distribution and electricity generation projects. The company provides natural gas distribution services in Erzurum and Gebze.   Source