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Azerbaijanâ€™s SOCAR puts off deal Turkeyâ€™s Tekfen

08 April 2009 15:01 (UTC +04:00)

Baku. Rashad Suleymanov â€“ APA-Economics. Azeri state oil company Socar has postponed a sale deal with Turkeyâ€™s Tekfen Holding indefinitely, Turkish media reported.
According to unconfirmed reports, SOCAR also suspended refinery project at Ceyhan Port.
Vagif Aliyev, SOCARâ€™s head of international investments, attributed postponement to the global financial crisis but Turkish media said the issue is related to other factors, including the probability of Turkeyâ€™s opening borders with Armenia.
In September 2008, Tekfen Holding agreed to sell a 50% stake to Azerbaijanâ€™s state-owned oil and natural gas company SOCAR for $520 million.
As part of an alliance, SOCAR also acquired a stake in Turkeyâ€™s largest petrochemicals maker Petkim.