In 2020 SOCAR Turkiye Enerji, daughter company of SOCAR, is going to do primary placement of shares (IPO), Zaur Gakhramanov, SOCAR Turkiye Enerji President, told journalists.
“There is a great interest in shares of SOCAR Turkiye Enerji at the market. This suits us, because in 2020 we would like to place IPO, SOCAR is going to preserve 51% of bloc of shares and the remaining 49% will be open for the market. Currently the investors have only 13% shares of SOCAR Turkiye Enerji,” Gakhramanov said.
SOCAR Turkiye Enerji holds bloc of shares of Petkim Petrokimya Holding complex, Star oil refinery, which is under construction, Petlim trade terminal, companies generating power SOCAR Power Enerji Yatirimlari A.S., companies selling gas SOCAR Gaz Ticareti A.S., company providing fiber-optical services SOCAR Fiber and company selling oil products SOCAR Turkey Petrol Enerji Dagitim A.S.
Until the end of this year SOCAR Turkiye Enerji plans to buy 7% bloc of shares of TANAP A.S. gas pipeline company.
By August 2015 capitalization of SOCAR Turkiye Enerji has been estimated by the Turkish financial specialists at $10 billion. After launching of all the facilities, in which SOCAR Turkiye Enerji has bloc of shares, the company’s capitalization will go up significantly. Thus, SOCAR Turkiye Enerji plans to put them to the market when it could derive more profit from them.—0-
Economics
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Azerbaijan's President Ilham Aliyev signed a decree introducing changes to a number of presidential decrees aimed at amending the country's Tax Code in connection with the adoption of Law No. 98-VIIQD on December 16, 2024. The decree, published on Tuesday, introduces significant changes designed to simplify tax refunds for various goods and services and improve the rules for refunding value-added tax (VAT).
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SOCAR Türkiye Enerji AS (STEAS), the Turkish subsidiary of Azerbaijan's state oil company SOCAR, has announced an ambitious plan to build new production facilities for ethylene, polyethylene, and polypropylene (polyolefins) in Turkey. This initiative comes as the country grapples with a widening supply-demand gap, with nearly 90% of its polyolefin needs currently being met through imports.
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The tourism industry in Azerbaijan is experiencing remarkable growth in 2024, driven by post-pandemic recovery and strategic government initiatives. From January to November 2024, the country welcomed 2.412 million foreign tourists, marking a 27% increase compared to the same period in 2023. Projections suggest that the total number of visitors by year-end could reach 3 million, underscoring the sector's impressive trajectory.
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In the first 11 months of 2024, Azerbaijan's consumer market demonstrated steady growth, with the total value of goods and services reaching 67.4 billion manats, a 4.8% increase compared to the same period in 2023. This growth underscores the resilience of Azerbaijan's economy, which continues to adapt to global and domestic challenges.
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