SOCAR again became a 100% owner of the shares of SOCAR Turkiye Enerji (Turkish subsidiary of SOCAR).
“SOCAR has directly and indirectly increased its stake in SOCAR Turkiye Enerji to 100%,” SOCAR’s Turkish subsidiary said in a statement.
According to the company, this became possible thanks to the deal, in accordance with which Goldman Sachs International (GSI) sold to SOCAR structures the previously acquired 13% of SOCAR Turkiye Enerji shares. In particular, the shares were sold to SOCAR Turkiye Enerji and SOCAR’s Sermaye Investments Limited (SIL).
“The deal is already considered completed and, thus, SOCAR directly and indirectly increased its share of shares in SOCAR Turkiye Enerji from 87% to 100%,” the message says.
The company also explains that the deal dated August 14, 2015 with Goldman Sachs Group implied the acquisition by an American bank of 890574713 shares of SOCAR Turkiye Enerji, for which GCI paid $ 1.3 billion.
Under the terms of the deal, the bank had the right to sell its stake in SOCAR Turkiye Enerji through an IPO within the next 6 years. If such a sale does not take place within the specified period, then after 6 years Goldman Sachs had the right to sell back 10% of the shares to SOCAR Turkiye Enerji, and another 3% to Sermaye Investments Limited.
The sale of 13% of SOCAR Turkiye Enerji’s shares to the American GSI allowed SOCAR to early pay off the remaining about $ 1 billion from the loan raised for the privatization of the Turkish petrochemical complex Petkim.
SOCAR Turkiye Enerji owns a controlling stake (51%) of the petrochemical complex of Turkey Petkim Petrokimya Holding. The company in Turkey has also built an oil refinery “STAR”, a container terminal, a power plant, and is also engaged in the supply of gas to the domestic market, the supply of petroleum products to aircraft refueling points at the airports of a number of major cities in Turkey.
In addition, since 2019, SOCAR Turkiye Enerji has been the owner of the telecommunications company Millenicom.