SOCAR sold its share in Star media holding

State Oil Company of Azerbaijan (SOCAR) has sold its share in Star media holding. Nizameddin Guliyev, chief of SOCAR Public Relations Department , confirmed this fact. He said” SOCAR is an international business company, which depending on the economic efficiency buys various assets and in case of economic benefit sells them.”

            He said the issue of sale of the share depends on the fluctuation of the market value of the assets and their economic efficiency.

            According to information distributed by Reuters on Saturday, SOCAR has been negotiating with Turkish businessman Fettah Tamince to sell 50% share in the local media holding Star.

            “We have started talks to sell 50% share owned by SOCAR in the holding. If the talks are successful, we will fully leave that market to concentrate on the biggest projects in the country,” said Kenan Yavuz.

            Star media group, which is a joint ownership of SOCAR and businessmen Ethem Sancak and Fettah Tamince, includes the newspaper by the same name and several TV channels. Tamince and Sanjak are known for their close relationships with Turkish Premier Rejep Tayyip Erdogan and the ruling party.