Palmali-Socar buys 50 pct of Turkey’s Tekfen

Azerbaijan’s Palmali Group and Socar, Azerbaijan’s state oil company, consortium purchased 50 percent of Turkish construction company, Tekfen, for $520 million, the company said in a statement issued to Istanbul Stock Exchange on Monday. 

The Palmali Group – Socar consortium will set some $37 billion construction job to Tekfen for the next five years under the agreement, the statement said. 

Palmali Group has a 10-year deal to transport Azerbaijani oil from the Turkish port of Ceyhan supplied by Baku-Tbilisi-Ceyhan pipeline.