Due to the 13% of the shares acquired by the bank Goldman Sachs International, the company SOCAR Turkiye Enerji (brainchild of SOCAR) will be able to prepay approximately $ 1 billion of the loan taken for the privatization of the complex Petkim.
According to the Anadolu news agency with reference to Kanan Yavuz, head of the Turkish subsidiary SOCAR Turkiye Enerji (http://aaenergyterminal.com/news.php?newsid=6056709), GSI has paid $ 1.3 billion for 13% of the shares.
“By mutual agreement, Goldman Sachs has the right to sell its stake in SOCAR Turkiye Enerji through an IPO in the next 6 years. If this sale is not implemented within the specified period, Goldman Sachs has the right to bring back a 10% stake, the remaining 3% could be sold to the SOCAR owned company SOCAR Sermaye Investments Ltd.,” said Yavuz.
Recall now the investment portfolio of SOCAR Turkiye Enerji is $ 20 billion.
The structure was founded in late 2006 for the implementation of investment projects in the petroleum refining, petrochemical fields and natural gas trading in Turkey.
The company owns a controlling (57.92%) stake in Petkim Petrokimya Holding, builds an oil refinery and a container terminal, and supplies natural gas to the domestic market of Turkey. --17D-
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