Two large Azerbaijani holdings become co-owners of SOCAR Polimer

Oil&Gas Materials 6 November 2013 16:06 (UTC +04:00)

Baku, Azerbaijan, Nov. 6/
By Abbas Akhundov -Trend: An Azerbaijani group of companies, Pasha Holding and Gilan Holding acquired a stake in the SOCAR Polimer Company for the production of chemical products, SOCAR Vice-President for Economic Affairs Suleyman Gasimov told Trend on Monday.
SOCAR which is the wholly owned founder of the plant, planned to realise 49 per cent of the authorised capital which amounts to 51 million manat to private companies.
Pasha Holding and Gilan Holding have already bought part of this package and currently negotiations are underway with several local companies. Perhaps one or two more companies will become co-owners of the plant. This will be known later this month," Gasimov said.
In order to finance the construction of the SOCAR Polimer plant at the Sumgait Chemical Technology Park, SOCAR plans to issue bonds on the domestic securities market.
"The process of placement of securities will begin after the control structure of the company is formed," Gasimov said.
SOCAR plans to invest $485 million in the company, about 30 per cent of which will be raised from shareholders, the larger part from the banks and through the placement of the bonds on the domestic market.

Earlier SOCAR planned to start issuing bonds in the local market through a joint venture (JV) "SOCAR Ümid" which is a company created to develop Umid field.
"At this stage the field development does not require large investment, but we have instructed the joint venture to take the steps necessary for the release of securities in the future. Works in this direction are continuing," Gasimov said earlier.
The official exchange rate on November 6 is 0,7843 AZN/USD.