SOCAR plans to list its Turkish subsidiary on stock exchanges

By  Trend

Azerbaijan's state oil company SOCAR plans to list its Turkish subsidiary on the London, Hong Kong and Istanbul stock exchanges in 2021, Zaur Gahramanov, head of SOCAR Turkey Energy, told Reuters, Trend reports.

"We believe that we have a good asset that we can monetise and IPO is a profit for shareholders," he said.

He did not specify the volume of shares in SOCAR Turkey Energy that SOCAR planned to offer to investors, but said that shareholders and SOCAR’s management would decide how to use proceeds from the initial public offering.

Citigroup and JP Morgan will be listing consultants, while McKinsey will help with "technical and financial optimisation".