Palmali-SOCAR buys 50% of Turkey`s Tekfen
Azerbaijan`s state oil company, SOCAR, and local Palmali Holding
have bought a 50 percent stake in Turkish construction giant,
Tekfen, for $520 million, Turkish media reported.
Under the agreement, the Palmali Group-SOCAR consortium will schedule some $37 billion in construction jobs for Tekfen over the next five years, the company said in a statement.
Along with construction in Azerbaijan and Turkey, work will also be carried out within the global oil industry. Tekfen will conduct the bulk of repair and upgrade operations at many of the petrochemicals enterprises.
The Palmali Group has a ten-year agreement to transport Azerbaijani oil from the Turkish port of Ceyhan, which is supplied by the Baku-Tbilisi-Ceyhan pipeline.
Under the agreement, the Palmali Group-SOCAR consortium will schedule some $37 billion in construction jobs for Tekfen over the next five years, the company said in a statement.
Along with construction in Azerbaijan and Turkey, work will also be carried out within the global oil industry. Tekfen will conduct the bulk of repair and upgrade operations at many of the petrochemicals enterprises.
The Palmali Group has a ten-year agreement to transport Azerbaijani oil from the Turkish port of Ceyhan, which is supplied by the Baku-Tbilisi-Ceyhan pipeline.
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