...

EPDK considers deal to increase SOCAR share

Oil&Gas Materials 20 July 2011 15:39

Azerbaijan, Baku, July 19 /Trend A. Tagiyeva /

The Turkish Energy Market Regulatory Authority (EPDK) is consideringgiving permission to close a deal to increase SOCAR's share in thejoint venture SOCAR & Turcas, EPDK representative Umit Bilek toldTrend.

"We have received a request for a permit to make a deal to increaseSOCAR's share in a joint venture SOCAR & Turcas," Bilek said. "Atpresent, EPDK considers this issue. It is under discussion. So, it isearly to speak about any specific terms of the permission."

He said after a final decision is made, the date will be announced.

SOCAR has already reached an agreement with another shareholder SOCAR&Turcas - Aksoy Holding to acquire shares that will eventually lead to an increase in SOCAR's equity from 51 to almost 75 percent.

A relevant agreement between SOCAR and Aksoy Holding, which owns 23.98 percent equity, has been already achieved. The deal will be carried out after obtaining a permission from EPDK.

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

The shared distribution in SOCAR & Turcas 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.

Tags:
Latest

Latest