BAKU, Azerbaijan, June 25
By Leman Zeynalova – Trend:
Turkish subsidiary of Azerbaijan’s state oil company SOCAR had to change its plans regarding the initial public offering (IPO), Trend quoted Zaur Gakhramanov, CEO of SOCAR Turkey as saying.
“We started a preliminary work on IPO, but like all other big companies, we had to change our plans due to the pandemic all over the world. We have postponed our public offering plan for now. We do not have a public offering plan in 2021, but we have not given up on this plan for the coming years,” he told Turkish media.
Zaur Gakhramanov said last year that SOCAR plans to list its Turkish subsidiary on the London, Hong Kong and Istanbul stock exchanges in 2021.
He did not specify the volume of shares in SOCAR Turkey that SOCAR planned to offer to investors, but said that shareholders and SOCAR’s management would decide how to use proceeds from the initial public offering.
SOCAR Turkey, which is one of the most deep-rooted global oil and natural gas companies, initiated its business operations in Turkey upon acquisition of 51 percent of the shares of Petkim from the Privatization Administration in 2008.
Drawing attention with its giant projects realized one after another which will have a total investment value of 19.5 billion US Dollars once completed, 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.
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