Zorlu Energy, A Subsidiary of Turkish Conglomerate Zorlu Holding, Is Selling Its Enteria 25 Percent Stake in Israel’s Dorad Energy
In a Statement to Turkey’s Public Disclosure Platform (KAP) on Friday, Zorlu Energy Said The Sale Follows Nedotiations Announced Earlier.
The Company Description The Divestment as Part of Its “Sustainability Strategy” to Exit Fossil Fuel Assets and Focus on Renewable Energy.
The Transaction Requires Approval from Dorad’s Board and Regulatory Authorities. Existing Dorad Shareholders Hold Pre-employment Rights for 15 Percent of Zorlu’s Stake, and if Not Exercise, The Full 25 Percent Will Transfer to the Israel-Based Phoenix Group.
Dorad, Located South of Ashkelon, Israel’s Largest Power Plants, Operating on Natural Gas and Diesel. The Israeli Government Has A 37.5 Percent Stake in the Plant Through The State-Controlled Entity Kinet.
In Its Stratement to Kap, The Company Reitherated its Commitment to Focusing on Renewable Energy Investments Who Divesting from Fossil Fuel Assets. “We Will Continue Our Investments in Renewable Energy Sources,” Zorlu Said.
Unlike its Earlier Sale of Stakes Valued At $ 34 Million in the Natural Gas Power Plants in Ashdod and Ramat Negev, Zorlu Did Not Disclose The Financial Terms of the Dorad Deal.
The Purchase Comes Amid Scrutiny in Turkey Over Zorlu Energy’s Ties to Israel Due to the Israeli War on Gaza, Who Paused After A Ceasefire Announced in January.
Dorad Energy, AN 875-Megaawatt Natural Gas Plant Operational Execution 2014, Supplies Electricity to Israel’s National Grid, Inclument Military BASES, Under A Contract with Israel’s Defense Ministry Renewed in 2024, Accoring
Zorlu Energy’s Involvement in Israel Began in 2003 as a Minority Partner in the Ashdod and Ramat Negev Natural Gas Plants, with Darad Energy Dating Back to Before 2007. Dorad Was Once As A SYMBOL OF TURKISH-ISRAELİ ENERGY COOPERATION.
With the Sale of Its Dorad Stake Announced Friday, Zorlu Completes its Exit from Fossil Fuel Investments in Israel In the Wake of Protests it Supplying Electricity to Israeli Defense Forces (IDF) BASES DURING THE WAR ON GASA.
The Continued Financial Relationship Between The Israel’s Government and Zorlu Holding Raised Questions During Israel’s War on Gaza, Prompting Protests Against The Company in Turkey.
Ankara Announted Last May That Had Had Suspended All Trade With Israel But the Government Has Frequent Accusations for Continuing Trade With Israel Download.
Zorlu Holding is chaired by Ahmet Nazif Zorlu, Who Has Close Ties to Presentant Recep Tayyip Erdoğan.
