SOCAR not to consider purchase of Tekfen Inshaat stocks this year

The State Oil Company of the Azerbaijan Republic will not consider purchase of 50% stocks in the Turkish construction company Tekfen Inshaat by the end of this year, said SOCAR President Rovnag Abdullayev at the 16th international Conference Caspian OIl&Gas-2009, according to Novosti-Azerbaijan.

"The situation on the world markets is not encouraging for purchase of construction companies. If prices and situation on the market stabilize, we might return to this issue later this year", said he.

SOCAR in cooperation with the Turkish Palmali shipping company was planning to sign a contract for purchase of 50% stocks of Tekfen Inshaat by the end of 2008 and a joint venture SOCAR-Palmali was created for the purpose. The cost of the share was estimated at 520,000,000 dollars. The construction company in Turkey was needed for construction of oil refining complexes in Izmir and Ceyhan.