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Goldman Sachs acquires 13% stake in SOCAR Turkey

Goldman Sachs acquires 13% stake in SOCAR Turkey

ANKARA: US based investment bank Goldman Sachs has acquired a 13 percent stake in SOCAR Turkey for $1.3 billion, said the company in a statement on Aug. 14.

The building partnership by one of the world’s leading investors to SOCAR Turkey, the largest investor of Turkey, has showed high confidence in our projects, company and country,” said SOCAR Turkey President Kenan Yavuz.

SOCAR Turkey has offered Goldman Sachs the opportunity to sell its stakes during the planned initial public offering in the next six years, added Yavuz.

If any public offering is not realized in the mentioned period, Goldman Sachs will be able to resell some 10 percent of its stakes to our company, and the remaining 3 percent to Sermaye Investments Limited, all stakes of which are owned by SOCAR,” Yavuz noted.

Turkish petrochemicals company Petkim had agreed to sell a 30 percent stake in its Petlim port to Goldman Sachs for $250 million last December. Petkim and Petlim are also controlled by SOCAR Turkey.