“Goldman Sach International” interested in financing SOCAR’s infrastructure and industrial projects

Baku. 1 June. REPORT.AZ/ President of State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev and top management of the Company met with the executive directors of “Goldman Sachs International” investment company Sarel Eldor, Yakut Seyhanli and Anton Sichev.

“Report” informs by referring to the Company that it was stated in the meeting that some haughty projects of SOCAR, as well as STAR oil processing factory and the projects as TANAP pipeline where “Goldman Sach International” is a shareholder are likely to be completed. The construction of industrial objects which are presently in the stage of initial projection/designing are already close to completion during the period of establishing relations with “Goldman Sachs International” Company and those enterprises will start to turn profit in the near future.

The successful outcomes obtained by SOCAR give icentives for continuation of future cooperation via more convenient means. In this view, for the purpose of defining SOCAR’s co-ownership principles in the present and future projects based on more propitious frameworks, it will conduct a joint analysis and investigation together with “Goldman Sach”-, it was noted in the information.

During the meeting, the possible role of “Goldman Sach International” in regard to financing the increased commercial operations of SOCAR in Turkey and throughout the world was emphasized as well. “Goldman Sachs Inernational” is committed to finance SOCAR’s world-wide infrastructure and industrial projects. The activity of a committed working group was planned for conducting the investigations in this context among the companies.

It should be noted that SOCAR commenced its cooperation with “Goldman Sachs International” in December, 2014 by purchasing the 30%-share of “Petlim” port company. In 2015, “Goldman Sachs” paid up 1,3 billion US Dollars for holding the 13% of “SOCAR Turkey Energy A.Ş.” which is a subsidiary company of SOCAR. Head Office of “Goldman Sachs” investment company is in New-York. “Goldman Sach” acts in the field of investment banking, securities and investment management.