Turkish media reported that this will happen at the expense of sale of 13.5% out of 18.5% share of Turcas Grupu SOCAR-Turkey, daughter company of SOCAR in Turkey, in the Star oil refinery in Izmir, Turkey.
The official statement of the Turkish company says that the results of sale will be announced after signing of the agreement between the two companies. If the deal takes place, share of the Turkish company in the daughter company will reduce to 5%.
At present Rafineri Holding AS (founded by SOCSR-Turkey) owns 41.5% shares of the oil refinery. Turcas Grupu owns 18.5% and 40% more shares of the oil refinery are owned by SOFAZ.
The information about sale of share of Petlim Limancilq, which is owned by Petkim Holding (SOCAR Turkey), has been recently disseminated. Before that the company has started talks with the US Goldman Sachs investment company. SOCAR plans to use profit from sale of Petlim to increase its share in the Star oil refinery project. SOCAR Turkey President Kenan Yavuz said that size of the share will vary within 25%.—0---
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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