.jpg)
8 hours ago
1
Article content
(Bloomberg) — Azerbaijan’s state energy company Socar is considering a sale of its port unit in Turkey, the latest in a string of deals reshaping the firm’s business in a key market.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Socar Turkey Enerji AS has held early stage talks for a deal for Socar Terminal, which operates a container port and separate nearby facility that services Socar’s petrochemical subsidiary Petkim Petrokimya Holding AS, people with knowledge of the matter said, asking not to be identified as the talks are private.
Article content
Article content
Article content
It wasn’t clear which potential buyers Socar has spoken with, and the people said there’s no guarantee that the negotiations will result in a deal.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Socar declined to comment.
Article content
Petkim shares in Istanbul rebounded from early losses, climbing as much as 3.5% following the news.
Article content
The Azeri firm has invested $420 million in Socar Terminal, whose website describes it as the biggest integrated port in the Aegean region. The facility can handle as many as 1.5 million twenty-foot equivalent units per year.
Article content
Socar streamlined its port subsidiaries earlier this year, with Socar Terminal buying the remaining 93% stake in Petkim port operator Petlim Limancilik Ticaret AS for $172 million.
Article content
A deal for Socar Terminal would raise cash for the parent company as it prepares to make a final investment decision on a $7 billion expansion of its petrochemicals business in Turkey.
Article content
The potential sale would follow other deals by Socar’s Turkish business this year. The Azeri firm sold its gas distribution businesses in the country in January and is in ongoing talks to buy a gas-fired power plant there.
Article content
(Updates with Petkim’s shares performance in fifth paragraph.)
Article content
English (US)