SOCAR plans to raise credit for purchase of 50% in Turkish Tekfen Inshaat construction company

The State Oil Company of Azerbaijan is negotiating with a number of banks for raising a credit for purchase of 50% share in Turkish Tekfen Inshaat, said SOCAR president Rovnag Abdullayev. He confirmed that the cost of a deal is $520 mln. "We have signed a memo of intentions, according to which we have one more month for the settlement of procedural issues. We are now working with banks for conclusion of a contract", said Abdullayev.

SOCAR's partner in the said deal with be Palmali company. Palmali and the State Oil Company of Azerbaijan undertook to ensure construction contracts in the amount of $37,000,000,000 within 5 years.

/Day.Az/