SOCAR releases statement on purchasing building in Istanbul for $75 mln

SOCAR releases statement on purchasing building in Istanbul for $75 mln
# 07 January 2015 08:46 (UTC +04:00)

State Oil Company of Azerbaijan (SOCAR) told APA-Economics that according to the document, the new building will be put into operation in March, 2016 and thereafter, SOCAR Turkey will move to its new centre.

SOCAR Turkey CEO Kanan Yavuz said at the signing ceremony that they thought about tomorrow while choosing a central management building to meet needs of the company, which manages $20 bln-investment portfolio: “We planned our needs in the future and chose Vadistanbul. We intend to gather our activities in the united centre in order to reduce expenses and increase productivity”.

He said that the new building will be financed through a loan received for 10 years without doing payment during first two years: “This loan is a indicator of high confidence to the projects implemented by SOCAR in Turkey. We see this investment as a means to raise motivation of our employees”.

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