...

SOCAR Turkey says no plans to change its shareholding structure

Oil&Gas Materials 29 May 2020 10:47 (UTC +04:00)
SOCAR Turkey says no plans to change its shareholding structure

BAKU, Azerbaijan, May 29

By Leman Zeynalova – Trend:

Any change in SOCAR Turkey’s shareholding structure is not on the agenda at present and there is no such a plan or idea, Chief External Affairs Officer at SOCAR Turkey Energy Murat LeCompte told Trend.

LeCompte noted that Goldman Sachs is an investor with a 13 percent stake in SOCAR Turkey since 2015.

“According to the agreement with Goldman Sachs, there is a stock sale / exit option in 2021. At this stage, it is premature to take a decision regarding the sale or purchase of SOCAR Turkey’s shares. Currently, there is no decision or agreement regarding this,” he said.

A detailed evaluation will be made over time in accordance with the general economic situation and market conditions, LeCompte added.

US-based investment bank Goldman Sachs acquired a 13 percent stake in SOCAR Turkey for $1.3 billion in 2015.

SOCAR Turkey offered Goldman Sachs the opportunity to sell its stakes during the planned initial public offering in the subsequent six years.

It was agreed that if any public offering is not realized in the mentioned period, Goldman Sachs will be able to resell some 10 percent of its stakes to SOCAR Turkey, and the remaining 3 percent to Sermaye Investments Limited, all stakes of which are owned by SOCAR.

SOCAR Turkey Enerji A.S. (SOCAR Turkey), a subsidiary of Azerbaijan’s state oil company SOCAR, initiated its business operations in Turkey upon acquisition of 51 percent of the shares of Petkim from the Privatization Administration in 2008.

SOCAR Turkey encompasses the best-in-breed companies such as Petkim, TANAP, STAR Refinery, SOCAR Terminal, Petkim RES (Wind Power Plant), Bursagaz, Kayserigaz, Enervis, SOCAR Enerji Ticaret, Millenicom, SOCAR Ticaret and SOCAR Depolama.

---

Follow the author on Twitter:@Lyaman_Zeyn

Tags:
Latest

Latest