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SOCAR Turkey Enerji, Goldman Sachs to sign deal shares sale

7 July 2014 11:31 (UTC+04:00)
SOCAR Turkey Enerji, Goldman Sachs to sign deal shares sale

By Sara Rajabova

SOCAR Turkey Enerji and Goldman Sachs Group will ink an agreement soon on the sale of 25 percent of the Petlim Limancılık A.Ş. Company's shares.

It is expected that the signing of the partial privatization agreement will be held in the next few days, the Turkish Denizhaber newspaper reported.

The 100 percent owner of Petlim Limancılık A.Ş. Company is the Petkim Petrochemical Holding.

Earlier, Head of SOCAR Turkey Enerji and Board Member of Petkim Petrochemical Holding Kenan Yavuz said some shares of the Petlim Limancılık Company can be put up for privatization as part of the construction project of the largest and deep container port in Turkey.

"The company has started consultations with Goldman Sachs Group concerning the sale of some shares of Petlim Limancılık A.S.," he said.

As Yavuz noted some 25 percent of Petlim Limancılık's shares are expected to be put up for privatization.

He further added that the sale of shares is not associated with lack of funds for construction of the largest deep port in Turkey.

Yavuz also stressed that the privatization is an important event, demonstrating the public confidence in the company and continued flow of investment into the country.

Besides, the Head of State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said earlier SOCAR is planning to construct the container port by late 2014 - early 2015.

Abdullayev said the financing sources and contracting companies have already been determined, adding that the new port will bring additional revenue to Petkim Petrochemical Complex, owned by SOCAR in Turkey.

He further noted that the project will cost $ 400 million.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.

SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent is in free circulation on the Istanbul Stock Exchange.

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