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Rovnag Abdullayev: Sale of 7% stake of TANAP to SOCAR Turkey will solve financing problem

SOCAR will direct additional funds to repay loans and the financing of new projects

Baku. 14 September. REPORT.AZ/ Sale of 7% of the shares of TANAP to SOCAR Turkey is related with the settlement of the financing problem.

Report informs, President of SOCAR Rovnag Abdullayev told reporters today: "We sell a 7% of the 58% interest of the company to SOCAR Turkey, to provide funding."

"These are specific steps. Growing SOCAR's assets means growth of SOCAR Turkey. As you know, we recently sold a 13% stake in the company for 1.3 bln USD to bank Goldman Sachs.These funds will be used to repay loans and financing of new projects", said R. Abdullayev.

SOCAR started operations in Turkey in 2008 after the privatization of Petkim Holding and carries out activities there under the brand of SOCAR Turkey.According to the structure of the founders of SOCAR Turkey, 87% of SOCAR Turkey Energy A.Ş belongs to SOCAR. Since August 14, 2015 Goldman Sachs and JP Morgan (Goldman Sachs International) became the owners after buying 13% stake of SOCAR Turkey for 1.3 bln USD.

SOCAR's share in TANAP project is 58%, BOTAŞ - 30%, BP - 12%.

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