The State Oil Company of Azerbaijan (SOCAR) announced Tuesday it will sell 3.4 percent of its shares in the Turkish Petkim petrochemical complex to the International Investment Fund.
The United States–Azerbaijan Chamber of Commerce reports they will be sold at $1.59 per share.
"This transaction testifies to great confidence towards SOCAR and Petkim," SOCAR Turkey Executive Director Kenan Yavuz said. "Some shares were purchased for investment purposes through the Istanbul Stock Exchange at (84 cents) per share in 2009-2010. This was quite a low price for that period. Great income will be received as a result of this transaction."
The chamber projects the shares will bring in approximately $13.5 million. Unlu & Co. will mediate the transaction between the two parties using the Istanbul Stock Exchange.
"The share sale will not change the status of SOCAR in Petkim," Yavuz said.