SOCAR Intends to Acquire Half of Participation Share in Large Turkish Construction Company
Azerbaijan, Baku, 2 June / Trend / The State Oil Company of Azerbaijan Republic (SOCAR) and Turkish Tekfen Holding signed a Memorandum on Intentions which describes SOCAR's wish to acquire participation share in the Turkish construction holding, a source at SOCAR said.
SOCAR intends to acquire 50% shares in construction company Tekfen Inshaat which is part of Tekfen Holding.
SOCAR plans to acquire plans to acquire the construction company in Turkey in order to realize its large-scale infrastructure projects in the Country. It deals with construction of a large refinery which SOCAR plans to build in Ceyhan.
The Head of Board of Directors of Tekfen Holding, Erkhan Oner, said that the Company plans to become investor-co-founder on the basis of participation in construction of oil refinery in Ceyhan.
In addition, the alliance of companies with SOCAR's participation acquires 51% shares of the Turkish petro-chemical holding Petkim. The construction company may be used in this project as well.
In Azerbaijan SOCAR and Tekfen already co-operate. Especially the companies established Azfen JVwhich participates in realization of projects within full-scale development of Azeri-Chirag-Guneshli fields, where BP is operator. It deals with the construction of platform and expansion of Sangachal terminal.