Socar Turkey and Goldman Sachs announce partnership

Goldman Sachs paid $1.3 billion for 13 percent of the State Oil Company of the Azerbaijan Republic subsidiary SOCAR Turkey's shares, said the CEO of SOCAR Turkey, Kenan Yavuz on Friday.
Kenan Yavuz told Anadolu Agency that one of the greatest investments banks, Goldman Sachs, became a share holder at SOCAR Turkey.

"The Bank paid $1.3 billion for 13 percent of the company's shares. SOCAR Turkey has approximately a portfolio of 20 billion in Turkey. This investment has become the greatest one coming into Turkey. This shows the trust for Turkish market. We will be able to pay our $1 billion credit earlier than its time," Yavuz underlined.

He also stated that SOCAR Turkey gave time to Goldman Sachs to sell its share in 6 years time.

"If public offer has not been realized in 6 years time, Goldman Sachs will be able to sell 10 percent of the shares to the company back. The 3 percent of the shares will be able to purchased to Sermaye Investments Limited company which is owned by SOCAR," Yavuz explained.

Yavuz concluded that SOCAR Turkey has become the greatest industrial investor in Turkey with $20 billion portfolio and will be the second biggest holding of Turkey by 2018 when STAr refinery is completed.