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Tekfen company acquires 10% stake in SOCAR Polymer

December 16, 2019/ 09:03

Baku. On Dec. 13, at the head office of Azerbaijan’s state oil company SOCAR, the Turkish Tekfen company signed a document on the acquisition of a part of the shares of SOCAR Polymer, Trend reports with reference to SOCAR.

Five percent of the shares sold belonged to SOCAR and five percent to Pasha Holding. The document was signed by SOCAR Overseas Manager Firudin Hasanov and Chairman of the Board of Tekfen Holding Murat Gigin.

SOCAR Polymer is the first company created on the basis of public-private partnership in Azerbaijan’s petrochemical industry.

SOCAR Polymer was founded in 2013 with the aim of accelerating the development of the chemical industry in Azerbaijan. The SOCAR Polymer complex consists of two plants with an annual production capacity of 180,000 tons of polypropylene and 120,000 tons of high density polyethylene.

On October 25, 2015, with the participation of Azerbaijani President Ilham Aliyev, the foundation was laid for SOCAR Polymer plants based on new technologies. The opening of the polypropylene plant built under the SOCAR Polymer project took place on July 18, 2018, and the high-density polyethylene plant was commissioned on February 18, 2019.

The total investment value of the SOCAR Polymer project is about $816 million (including VAT). Some 60 percent of this amount accounts for foreign loan, and 40 percent for contribution of shareholders to the authorized capital.

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