The network has released conflicting information about whether sold, or being prepared for sale 2.75% stake of SOCAR Turkey Energy (subsidiary of SOCAR) in the Turkish petrochemical holding Petkim Petrokimya Holding to an unnamed foreign fund.
"This is a common business transaction, that is, the process of selling shares purchased several years ago at a lower price. It allowed selling each share about 2.5 times more expensive and gain significant profits. The proceeds from the sale of this stake will be used for other investment objectives. This transaction will not affect the volume of the controlling stake in Petkim, and SOCAR will continue the effective management of this company," a source said in SOCAR Turkey Energy, which controlled 61.3% of Petkim up to this (another 38.68% is in free circulation on the Istanbul Stock Exchange).
However, the amount of the transaction is not disclosed. The websites of SOCAR, SOCAR Turkey Energy and Petkim provide no information about the transaction.
SOCAR Turkey Energy was established in late 2006 for the implementation of investment projects in the petroleum refining, petrochemical fields and natural gas trading in Turkey.
In August 2015 the US bank Goldman Sachs International (GSI) became a shareholder in SOCAR Turkey Energy, buying 13% of SOCAR Turkey Energy for $1.3 billion.
According to the published annual report of Petkim, its net profit totaled 639.2 million Turkish Liras in 2015, increasing by 14% in a year’s time.
During this period, the assets of the petrochemical complex Petkim increased by 44.2% and amounted to 5.46 billion Turkish Liras. –0--
Economics
-
The management of the Baku Metro often announces projects for new underground lines and stations, but official information never includes data on the cost of laying a kilometer of track or building specific metro stations. Journalists sometimes obtain details from unofficial sources, raising doubts about the reliability of such information. For instance, in 2021, an unofficial government source reported a cost of 60 million manats for planned construction of a single station on the Purple Line. This figure excluded finishing works, installation of communication lines, electronics, escalators, and elevators.
-
The Milli Majlis (Parliament) of Azerbaijan began discussions on Monday regarding the draft state budget for 2025, which projects expenditures of AZN 41.368 billion.
-
Azerbaijan’s livestock sector has demonstrated modest growth in domestic production, yet it faces significant challenges as imports of meat and dairy products surge. Recent data from the State Statistics Committee underscores this dichotomy, revealing increases in local output but an even sharper rise in imports, accompanied by persistent price inflation.
-
Azerbaijan's agricultural sector faces a critical moment as modest growth in grain production fails to offset a troubling decline in productivity. Data from the State Statistics Committee shows that total grain and legume production grew by 0.7% year-on-year, reaching 3.2 million tons by November 1, 2024. However, this growth is overshadowed by a sharp 6.2% drop in yield, highlighting structural inefficiencies in the sector.
Leave a review