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SOCAR Turkey acquires 30% of Petlim

Oil&Gas Materials 21 December 2021 10:22
SOCAR Turkey acquires 30% of Petlim

BAKU, Azerbaijan, Dec.21

By Leman Zeynalova – Trend:

SOCAR Turkey, subsidiary of Azerbaijan’s state oil company SOCAR, has acquired 30 percent stake of Goldman Sachs in Petlim, a container terminal in the Aegean region, Trend reports with reference to Turkey’s Public Disclosure Platform.

Seventy percent of Petlim is owned by Petkim, a subsidiary of SOCAR Turkey.

"Goldman Sachs acquired a stake in SOCAR Turkey, as well as in Petlim (later renamed SOCAR Terminal) in 2015, on the terms of a temporary put option. This year was the period of buyback. In the summer, we announced the buyout of a 13 percent from Goldman Sachs, and now we've acquired 30 percent in Petlim (SOCAR Terminal)," Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR told Trend.

SOCAR Turkey, 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 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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Follow the author on Twitter: @Lyaman_Zeyn

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