15:21 - 16.12.2019

---

December 16, Fineko/abc.az. According to SOCAR, a document was signed at the company's head office on the acquisition of a part of SOCAR Polymer’s shares by Turkish company Tekfen.

5% of the sold shares belonged to SOCAR and 5% to Pasha Holding. The document was signed by SOCAR Overseas’ director Firuddin Hasanov and Tekfen Holding’s chairman Murat Gigin.

SOCAR Polymer was founded in 2013 to accelerate the development of the chemical industry in Azerbaijan. SOCAR Polymer complex consists of two plants with annual production capacity of 180,000 thousand tons of polypropylene and 120,000 tons of high density polyethylene.

The total investment value of SOCAR Polymer project is about $816 million. 60% of this amount is a foreign loan and 40% - contributions of the shareholders to the authorized capital. The company produces polypropylene and polyethylene of high density.