SOCAR pays over $2 bln for control stock in Turkish Petkim

"The State Oil Company of Azerbaijan transferred $2,04 bln for purchase of control stock in the biggest Turkish petrochemical concern Petkim on May 30", said SOCAR President Rovnag Abdullayev.

Thus, following the payment, Petkim will be controlled by SOCAR.

Moreover, the State Oil Company of Azerbaijan bought 50% stocks of the Turkish construction company Tekfin.

"We have plans to construct two oil refining complexes in Turkey and for the implementation of these plans we need a construction company. If we own this company we will be able to control it and it will be able to act more effectively and become more perspective", said Abdullayev.

The senior committee for privatization confirmed purchase of 51% share in the petrochemical complex of Turkey Petkim by SOCAR&Turcas (Azerbaijan-Turkey)/Injaz (Saudi Arabia) alliance in November of 2007.

According to Abdullayev, currently visiting Turkey, the ceremony of signing the deal will be held tomorrow after which Petkim will be fully transferred under control of the State Oil Company of Azerbaijan.

EnergyLand.info