Bank Of Baku

SOCAR to acquire a stake in Turkey’s Tekfen İnşaat

SOCAR to acquire a stake in Turkey’s Tekfen İnşaat
# 11 September 2008 15:13 (UTC +04:00)
Baku. Vugar Mustafayev – APA-Economics. State Oil Company of Azerbaijan (SOCAR) has not signed any agreement to take a 50% stake in Turkey’s Tekfen İnşaat, said Vagif Aliyev, SOCAR’s head of international investments.
He added that negotiations are under way and a final agreement may be signed soon.
Turkish media reported that Tekfen sells 50 percent share to Palmali-Socar for $520 million. Under the deal, Palmali and Socar have to provide construction work worth $37 billion to Tekfen İnşaat for a period of five years.
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