GL Group Acquired Stake in Turkish Natural Gas Project

SEATTLE (Oil Monster): Azerbaijan-based private energy company, GL Group, has acquired 25% stake in a Turkish natural gas development project. This is the company's first-ever overseas acquisition. The acquisition is consistent with the business's previously declared plan to increase its presence in upstream natural gas projects outside of the nation in order to become a significant energy player in the area.

In a news statement, GL Group announced that it had purchased a portion of Gazelle Energy Limited, a Canadian company that owns and manages the Thrace Basin Block F17-b4 license in northwest Turkey. A proven gas reserve of 65 billion cubic feet (2P) is thought to exist in the block. In addition, GL Group will be granted a seat on the Gazelle Energy Board of Directors as a result of the acquisition.

Asif Zeynalov, CEO and Chairman of the Advisory Board of GL Group, commented on the historic development and said that the company is embarking on a major new chapter with its entry into the Turkish energy market. According to him, it will make GL Group a regional player in the sector, propelling the area's future development and enhancing its clout in the regional gas market.