Yavuz added that SOCAR Turkey Enerji aims to become the largest industrial company by 2023.
“Until today, SOCAR’s investments in Turkey’s economy as part of the ‘Value-Site’ project in the Petkim peninsula exceeded $10 billion,” said Yavuz. “In a period from 2008 to 2018, SOCAR’s investments in Turkey, including investments in the TANAP project, will exceed $20 billion.”
Thus, he added, SOCAR is the largest investor in Turkey’s economy.
“SOCAR’s total investment portfolio in Turkey stands at $20 billion,” Yavuz further said.
He added that through the sale of a 13-percent stake in SOCAR Turkey Enerji to Goldman Sachs for $1.3 billion, the company repaid a debt of $900 million, which emerged during privatization of Petkim, when the company acquired a stake for $2.04 billion.
“Under an agreement, Goldman Sachs will in 2021 sell at stock exchange its 13-percent stake in the company and 30-percent stake in Petkim, purchased for $300 million,” said Yavuz. “The purchase of this share of SOCAR will depend on the price.”
He added that $2.2 billion were spent in general to purchase all shares in Petkim ($2.04 billion for a 51-percent share, and $168 million for a 10-percent share).
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