Azerbaijan's state energy company SOCAR on Tuesday announced it had signed an agreement to buy a natural gas-fired power plant in central Türkiye for $225 million.

The deal for the 870-megawatt plant in Kırıkkale province was signed with Gama Enerji.

SOCAR already owns the Petkim petrochemical complex and the STAR oil refinery in Türkiye, and the acquisition further expands the company's footprint in the country's energy sector.

Türkiye is also a key transit hub for Azeri oil and gas exports to Europe via the Trans-Anatolian Natural Gas Pipeline (TANAP).

The agreement was signed in Baku during the Azerbaijan-Türkiye Investment Forum by SOCAR President Rovshan Najaf and Gama Enerji Chairperson Ahmet Özman.

The Iç Anadolu natural gas combined cycle plant began operations in 2016.