Azeri SOCAR interested in buying OMV’s Turkish subsidiary

BAKU - Reuters

Azerbaijan state energy company SOCAR is interested in buying Austrian oil group OMV’s Turkish subsidiary, a SOCAR official said on June 1.

OMV said in February that it was putting Turkish fuel products distribution and lubricants company OMV Petrol Ofisi up for sale as part of its strategy to dispose of non-core assets.

“SOCAR has an interest in this deal. We are waiting for the company to submit information on these assets,” Zaur Gakhramanov, the head of SOCAR Turkey Enerji, told journalists.

OMV Petrol Ofisi had been expected to release information on the sale in June, but had postponed it until September, he said.

Chinese and Japanese companies have also expressed interest in buying OMV Petrol Ofisi.

Gakhramanov also said SOCAR’s Turkish subsidiary, SOCAR Turkey Enerji, plans an initial public offering (IPO) in 2020.

“There is a big interest in SOCAR Turkey Enerji in the market,” Zaur Gakhramanov, head of SOCAR Turkey Enerji, told journalists. He did not elaborate on why the company would wait until 2020 to list or where it would list.

The company plans to offer 49 percent of its shares to investors and retain 51 percent of the shares.