12/13/2019
An Acquisition of $ 100 Million in Azerbaijan by Tekfen Holding
Tekfen Holding’s Chairman of the Board Murat Gigin: “We are opening another page (in our activities in Azerbaijan) acquiring a partnership of 10 percent in a production plant with our industrialist identity upon the signature we made here. This initiative will have the status of being a valuable preparatory stage for our Mersin Polypropylene plant with an annual capacity of 500,000 tons of which we are about to finalize the EIA process and preliminary feasibility studies regarding the investment in Turkey while enhancing our capacity to play a better role in new investments in the country”…
TechInvestments LLC, a subsidiary of Tekfen Holding signed an agreement in Baku for a 10 % partnership in SOCAR Polymer Investments LLC which is a petrochemicals production company with a full paid capital stock of US$ 375 million. Tekfen which is among the first overseas companies having activities in Azerbaijan as a contractor right upon the declaration of independence, has reinforced its presence in the country by means of an acquisition worth $ 100 million. TechInvestments LLC, a subsidiary of Tekfen Holding signed an agreement in Baku for a 10 % partnership in SOCAR Polymer Investments LLC which is a petrochemicals production company with a full paid capital stock of US$ 375 million. The Polypropylene (PP) unit of the plant with an investment of US$ 820 million was put into operation in September 2018 and the High Density Polyethylene (HDPE) unit was commissioned within the current year. SOCAR Polymer LLC has selected Russia and Western and Central Europe as the main targeted markets and particularly Azerbaijan and Turkey with a PP production capacity of 184,000 tons per annum and an HDPE capacity of 120,000 tons per year. Tekfen Holding’s Chairman of the Board Murat Gigin Tekfen Holding’s Chairman of the Board Murat Gigin commented as follows on the acquisition process: “We have undersigned projects worth more than $ 6 billion in Azerbaijan until date in most basic investment initiatives for the development of the country. We formed partnerships with the trust of the Azeri state in the past 25 years which we had a presence in the country and transferred valuable know-how particularly in the fields of engineering, contracting and industrial production and contributed to the training of thousands of people to gain technical and managerial skills. And now, we are opening another page acquiring a partnership of 10 percent in a production plant with our industrialist identity upon the signature we made here. This initiative will have the status of being a valuable preparatory stage for our Mersin Polypropylene plant with an annual capacity of 500,000 tons of which we are about to finalize the EIA process and preliminary feasibility studies regarding the investment in Turkey while enhancing our capacity to play a better role in new investments in the country. I wish the best of all to all concerned with the belief that this investment of ours will be an initiative to contribute to the maxim of ‘one nation, two states’.”
Annual Report
