Why did SOCAR sell 13% of its Turkish shares to the US bank?
US Goldman Sachs International (GSI) bank established by Goldman Sachs Group has become shareholder of SOCAR Turkiye Enerji (100% daughter company of State Oil Company of Azerbaijan (SOCAR), Kenan Yavuz, SOCAR Turkiye Enerji President, said on his Facebook web page.
GSI has paid $1.3 billion for 13% shares of SOCAR Turkiye Enerji
“Upon consent of the sides, Goldman Sachs has the right to sell its share in SOCAR Turkiye Enerji through IPO within coming six years. If the sale fails to take place within the certain period, Goldman Sachs has the right to sell 10% shares back to SOCAR Turkiye Enerji and the remaining 3% could be sold to SOCAR-owned Sermaye Investments Limited company,” explained Yavuz.
He said the deal with GSI will allow SOCAR Turkiye Enerji to pay about $1 billion of the credit borrowed to privatize Petkim ahead of time.
Yavuz also added that the investment portfolio of SOCAR Turkiye Enerji totals $20 billion.
SOCAR Turkey Enerji was established at the end of 2006 to implement the investment projects in the oil refining, petrochemical and natural gas trade sectors in Turkey.—0-
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review