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SOCAR waits for EPDK's permission

Oil&Gas Materials 5 July 2011 18:53

Azerbaijan, Baku, Ju ly 5 / Trend A. Akhundov /

The State Oil Company of Azerbaijan ( SOCAR ) expects to receive permission from the Turkish energy markets regulator (EPDK) to carry out the deal to increase the share from 51 to almost 75 percent in SOCAR & Turcas JV ( it governs the largest Turkish petrochemical complex Petkim), Petkim said .

A relevant agreement between SOCAR and Aksoy Holding has been already achieved.

"The deal will be carried out after obtaining a permission from EPDK , " the company said.

The operation will not lead to a change of control within SOCAR & Turcas Enerji, Petkim said.

The shared distribution in SOCAR & Turca s JV:

Name

Volume of investments (TL)

Share (%)

Before the deal

SOCAR

102.000.000

51,00 percent

TURCAS PETROL A.Ş.

50.000.000

25,00 percent

AKSOY HOLDING A.Ş.

47.960.000

23,98 percent

ERDAL AKSOY

20.000

0,01 percent

SAFFET BATU AKSOY

20.000

0,01 percent

After the deal

SOCAR

149.959.999

74,97 percent

TURCAS PETROL A.Ş.

50.000.000

25,00 percent

AKSOY HOLDING A.Ş.

1

0,0000005 percent

ERDAL AKSOY

20.000

0,01 percent

SAFFET BATU AKSOY

20.000

0,01 percent

The alliance between SOCAR and Turcas Petrol /Injaz Projects won a tender in 2008 to buy a 51percent stake in chemical projects, offering$2.04 billion.Now Turkey imports 70-75 percent of its demanded chemical products. Investments in the development of Petkim will reduce imports by 30 percent.

The Petkim Petrokimya Holding manufacturesplastic packaging, fabric, PVC and detergents. It
is the only Turkish producer of such products andexports a quarter of the production.

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