SOCAR Turkey’s market value reaches $11B

Baku. 8 February. REPORT.AZ/ Market value of SOCAR Turkey Energy,  a subsidiary of the State Oil Company of Azerbaijan (SOCAR) in Turkey, has reached $11 billion, said the SOCAR Turkey Energy CEO Zaur Gahramanov, Report informs citing Turkish media.

Goldman Sachs bought 13% share in SOCAR Turkey Energy for $1.3 billion in August 2015.

"Today, the company’s value is around $11 billion owing to the recent investments. SOCAR Turkey’s share in SOCAR constitutes 35%," he said.

According to him, the company's market value will increase even further with the implementation of the new petrochemical project.

SOCAR started investing in Turkey by purchasing 51% share in Petkim for $2.040 billion in 2008.

SOCAR’s investments, including Petlim, Petkim, STAR Refinery and TANAP, currently reach $14.2 billion.