SOCAR's Turkish subsidiary planning IPO in 2020
28.05.2020 23:07
SOCAR Turkiye Enerji, the subsidiary of State Oil Company of the Azerbaijani Republic (SOCAR), is planning an initial public offering (IPO) in 2020.
"There is great interest in the shares of SOCAR Turkiye Enerji. This is advantageous for us, with account of the fact that in 2020 we want to carry out an IPO," SOCAR Turkiye Enerji head Zaur Gakhramanov told journalists on Wednesday.
He said that the conditions and timeframes for holding an IPO will depend on the market situation.
"Our main goal is the make SOCAR Turkiye Enerji an open [company], keeping SOCAR's controlling stake at 51%, and making the remaining 49% open for the market. Today investors have about 13% of SOCAR Turkiye Enerji shares," Gakhramanov said.
He said that SOCAR Turkiye Enerji will become a shareholder in the construction of the Trans Anadolu Pipeline (TANAP) through the purchase of 7% before the end of 2016. Shares will be bought from SOCAR, which currently owns 58% (30% is owned by Turkey's BOTAS and 12% by BP).
"With the onset of summer, the process may be somewhat delayed, but before the end of this year we are expecting to become shareholders of TANAP. We received all permits for this deal from Azerbaijan for this, there remain the receipt of permits from Turkey," Gakhramanov said.
The plans of SOCAR's Turkish subsidiary to buy a stake in the project for the construction of TANAP were announced for the first time in August of last year.
TANAP is designed for the transportation of Azerbaijani gas from the Shah-Deniz field as part of Stage 2 of its development from the Georgia-Turkey border to the western borders of Turkey. Construction began in March 2015, its total length will be 1,802 kilometers. Gas supplies via the pipeline are expected in June 2018.
SOCAR Turkiye Enerji is the owner of a controlling stake in the Petkim Petrokimya Holding, and it also is building an oil refinery, container terminal and power plants in Turkey and is supplying gas to the domestic market and developing oil deposits.
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"There is great interest in the shares of SOCAR Turkiye Enerji. This is advantageous for us, with account of the fact that in 2020 we want to carry out an IPO," SOCAR Turkiye Enerji head Zaur Gakhramanov told journalists on Wednesday.
He said that the conditions and timeframes for holding an IPO will depend on the market situation.
"Our main goal is the make SOCAR Turkiye Enerji an open [company], keeping SOCAR's controlling stake at 51%, and making the remaining 49% open for the market. Today investors have about 13% of SOCAR Turkiye Enerji shares," Gakhramanov said.
He said that SOCAR Turkiye Enerji will become a shareholder in the construction of the Trans Anadolu Pipeline (TANAP) through the purchase of 7% before the end of 2016. Shares will be bought from SOCAR, which currently owns 58% (30% is owned by Turkey's BOTAS and 12% by BP).
"With the onset of summer, the process may be somewhat delayed, but before the end of this year we are expecting to become shareholders of TANAP. We received all permits for this deal from Azerbaijan for this, there remain the receipt of permits from Turkey," Gakhramanov said.
The plans of SOCAR's Turkish subsidiary to buy a stake in the project for the construction of TANAP were announced for the first time in August of last year.
TANAP is designed for the transportation of Azerbaijani gas from the Shah-Deniz field as part of Stage 2 of its development from the Georgia-Turkey border to the western borders of Turkey. Construction began in March 2015, its total length will be 1,802 kilometers. Gas supplies via the pipeline are expected in June 2018.
SOCAR Turkiye Enerji is the owner of a controlling stake in the Petkim Petrokimya Holding, and it also is building an oil refinery, container terminal and power plants in Turkey and is supplying gas to the domestic market and developing oil deposits.
www.ann.az
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