OREANDA-NEWS. June 02, 2009. State Oil Company of Azerbaijan Republic (SOCAR) postponed the issue on acquiring another asset in Turkey – 50% package of shares of Tekfen Inshaat construction company.

President of SOCAR Rovnag Abdullayev said current situation at the world markets is not advantageous for purchasing construction companies.

“If prices and situation at the markets get stable, then we will return to this issue by end-2009,” Abdullayev said.

Earlier SOCAR planned to construct in Turkey two oil refineries (in Izmir and Ceyhan), for which it needed to have own construction company.

SOCAR was going to sign the contract on acquiring 50% of Tekfen Inshaat shares till the end of 2008. Deal cost came to USD 250,000.

Purchase of 50% of Tekfen Inshaat shares was planned by SOCAR jointly with Palmali Shipping Company (Turkey). For that purpose, it was created SOCAR-Palmali JV owned by Azerbaijan (51%) and Palmali (49%). JV is to raise credit resources to implement the above-indicated deal.