A document on the acquisition of a stake in SOCAR Polymer by Turkish company Tekfen has been signed in the head office of the State Oil Company of Azerbaijan (SOCAR). Report informs referring to SOCAR that 5% of the shares are owned by SOCAR and 5% by Pasha Holding.
Director of SOCAR Overseas Firudin Hasanov and Chairman of the Board of Tekfen Holding Murat Gigin signed the agreement.
SOCAR Polymer is the first petrochemical company in Azerbaijan based on a public-private partnership.
SOCAR Polymer was founded in 2013 to accelerate the chemical industry development in Azerbaijan. The foundation of SOCAR Polymer plant based on advanced technologies was laid on October 25, 2015. President Ilham Aliyev attended the ceremony. The polypropylene plant under SOCAR Polymer was opened on July 18, 2018. President of Azerbaijan Ilham Aliyev and Italian president Sergio Mattarella, who was on an official visit to Azerbaijan, attended the opening ceremony. The polypropylene plant’s first export product was delivered to Turkey last October.