SOCAR increases share in its Georgian subsidiary

Azerbaijan’s state oil company SOCAR increased its share in the authorized capital of SOCAR Energy Georgia Ltd. (its Georgian subsidiary) from 51 percent to 67.34 percent, according to the SOCAR’s consolidated financial statements for 2016 audited by the London-based Ernst & Young company.

08.07.2017 14:12 | Economy

SOCAR paid 58 million manats ($34 million) for 16.34 percent of the shares of SOCAR Energy Georgia Ltd., according to the financial statements.

This is while in March 2017, SOCAR sold 1.32 percent of the shares of Turkey’s Petkim Petrokimya Holding A.S. for 42 million manats (88 million Turkish liras), and SOCAR’s controlling stake in the Petkim Petrokimya Holding A.S. decreased from 52.32 percent to 51 percent.

SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerikimya (a production association of chemical industry enterprises) and Azerigaz (deals with distribution of gas in the country).

SOCAR is the sole petroleum products producer in Azerbaijan owning over 370 filling stations in Georgia, Ukraine, Romania and Switzerland. It is also a co-owner of the largest Turkish petrochemical complex Petkim.

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