Kenan Yavuz, head of SOCAR’s Turkey unit, signed an agreement on January 6 to buy the 19,000 square-meter building, which is part of the Vadistanbul office and residential complex in Istanbul.

The office will be ready for SOCAR to move in by March 2016. A 10-year loan agreement has been signed with Odeabank to fund the project, SOCAR said.  

All staff of SOCAR Turkey, which is implementing $20 billion worth of projects in the country, will be based in the new office, Yavuz said.