Goldman Sachs buys stake in SOCAR Turkey prior to IPO

CEO SOCAR Turkey Kenan Yavuz

CEO SOCAR Turkey Kenan Yavuz

The Goldman Sachs investment bank has bought a 13% stake in SOCAR Turkey for $1.3bn, the Azeri company’s CEO Kenan Yavuz told the Anadolu news agency this week. The cash injection will be used to pay off debts incurred through the company’s acquisition of Petkim petrochemicals and to finance an IPO some time within the next six years.
With an investment portfolio of $20 billion, SOCAR is one of the most active investors in Turkey’s industrial sector, but is now considering reducing its stake in Petkim although the timing has yet to be finalised.