Azerbaijan, Baku, May 18 / Trend E. Ismayilov /
The issue on purchase of 50 percent of share holding in Turkish construction company Tekfen Insaat by SOCAR (the State Oil Company of Azerbaijan) together with Palmali company will be reconsidered by late 2009, SOCAR Turkish representation said on May 18.
"This issue is expected to be reconsidered in late 2009," the source said.
"To buy a construction company is a little bit risky in terms of crisis. So, the program was postponed", SOCAR head Rovnag Abdullayev said.
Earlier the sides signed the agreement. But the contract on purchase has not been signed yet. Cost of the deal hits $520 million.
This alliance was envisaged to provide Tekfen Insaat company with operations in the amount of $37 billion during 5 years. The operations include construction in oil sector world wide. Tekfen group will operate in construction and establishment of facilities of oil processing and oil chemistry.
Palmali invests food, construction sectors, as well as public health, tourism, air transportation. Palmali company has significant tanker fleet and intends to invest it in the amount of $1.3 billion in the nearest years.
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