Sector note · Gas distribution
Regulated networks: gas distribution
Gas distribution networks are long-life regulated licences; they change hands between Turkish operators, and every step needs EPDK’s approval.
Named deals
- 1Zorlu gas distribution Palmet · USD 200m · 2024
- 2Armagaz and Çordaş A Doğal Gaz ve Elektrik (Ahlatcı) · TRY 1.91bn and 1.48bn bids · 2024
- 3Bursagaz and Kayserigaz Aksa · value not disclosed · 2025
- 01
Gas distribution reached 21.8 million subscribers across all 81 provinces in 2024, on more than 220,000 km of network.
- 02
A direct or indirect purchase of 10% or more of a gas licence holder, 5% if it is listed, needs EPDK’s approval.
Natural Gas Market Licence Regulation, Article 42
- 03
Palmet, through Gaztrak, bought Zorlu’s gas distribution business, Trakya and 90% of Gaziantep’s Gazdaş, for USD 200m; it closed on 12 March 2024 after Competition Board and EPDK approval.
- 04
In April 2024 A Doğal Gaz ve Elektrik (Ahlatcı) won EPDK’s sale tenders for the Armagaz and Çordaş networks with bids of TRY 1.91bn and TRY 1.48bn; the new operators received 30-year licences from 1 June 2024.
- 05
SOCAR Türkiye agreed in January 2025 to sell Bursagaz and Kayserigaz, with about 1.2 million and 700,000 connected units, to Aksa; completion took Aksa from 21 to 23 distribution licences.
SOCAR Türkiye, 10 January 2025
Ekonomi Gazetesi, 28 March 2025
Orion view
A gas network is valued on its regulated asset base, its tariff period and the years left on its licence, and the buyer is almost always an operator already running networks elsewhere. For a seller, the work is the regulatory file: tariff history, investment obligations and the approvals the sale will need, set out before the first buyer asks. With few qualified buyers, a well-run process matters more than a wide one.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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