The Foundations of Karadeniz Holding were laid in 1948 by Rauf Osman Karadeniz. Karadeniz Holding began in the machine and heavy industry trade and diversified its business interests over the years. In 1996, Karadeniz Holding Group saw the growth potential in the energy industry and decided to take step into that industry by founding the Karadeniz Energy Group.

Karadeniz Energy Group became the first company to obtain more than one license throughout the energy value chain in Turkey ın 2002, with the liberalization of the Turkish Energy Industry. The production, wholesale and export licenses were obtained.