SOCAR Turkey Enerji’s consolidated turnover to reach $15B in 2018
Baku, Azerbaijan, Aug. 31
By Maksim Tsurkov - Trend:
In 2018, the consolidated turnover of the SOCAR Turkey Enerji will reach $15 billion, the company's head, Kenan Yavuz told reporters.
He said that at the same time, SOCAR Turkey Enerji would in 2018 become the second largest industrial company in Turkey with 5,000 employees and $3 billion worth export potential.
Yavuz added that SOCAR Turkey Enerji aims to become the largest industrial company by 2023.
"Until today, SOCAR's investments in Turkey's economy as part of the 'Value-Site' project in the Petkim peninsula exceeded $10 billion," said Yavuz. "In a period from 2008 to 2018, SOCAR's investments in Turkey, including investments in the TANAP project, will exceed $20 billion."
Thus, he added, SOCAR is the largest investor in Turkey's economy.
"SOCAR's total investment portfolio in Turkey stands at $20 billion," Yavuz further said.
He added that through the sale of a 13-percent stake in SOCAR Turkey Enerji to Goldman Sachs for $1.3 billion, the company repaid a debt of $900 million, which emerged during privatization of Petkim, when the company acquired a stake for $2.04 billion.
"Under an agreement, Goldman Sachs will in 2021 sell at stock exchange its 13-percent stake in the company and 30-percent stake in Petkim, purchased for $300 million," said Yavuz. "The purchase of this share of SOCAR will depend on the price."
He added that $2.2 billion were spent in general to purchase all shares in Petkim ($2.04 billion for a 51-percent share, and $168 million for a 10-percent share).
Edited by CN
Follow the author on Twitter: @MaksimTsurkov