Bank Of Baku

Turkey’s Tekfen puts off deal with Socar

Turkey’s Tekfen puts off deal with Socar
# 22 January 2009 09:46 (UTC +04:00)
Baku. Rashad Suleymanov – APA-Economics. Turkey’s Tekfen Holding has postponed a sale deal with Azeri state oil company Socar until September due to the global financial crisis, the company said in a filing with the Istanbul stock exchange.
In September 2008, Tekfen Holding agreed with Azerbaijan’s state-owned oil and natural gas company Socar to sell 50 percent of its construction firm for $520 million.
Tekfen said in a statement sent to Istanbul Stock Exchange that both parties agreed to postpone the implementation of the deal until September 2009 due to the global financial crisis and fluctuations in oil prices.
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