SOCAR clarifies sale of stake in Petkim company

Baku. 24 March. REPORT.AZ/ The State Oil Company of Azerbaijan (SOCAR) sold 2.75 percent of stake in the Turkish oil and chemical complex Petkim to a foreign investment fund, Report informs citing SOCAR.

“It is an ordinary deal, that is, a process of sale of stake acquired several years ago at a lower price. The deal made it possible to sell each share 2.5 times more expensive and get considerable revenue. The funds from the sale of this share package are planned to be used for other investment purposes,”- SOCAR said.

SOCAR also said that the current deal won’t affect the overall controlling block of shares volume in Petkim and SOCAR will continue to effectively manage this enterprise.