Tekfen Holding Forms Partnership in Azerbaijan

TechInvestments LLC, a subsidiary of Tekfen Holding, has become a 10% partner in SOCAR Polymer Investments LLC, a petrochemical production company with paid-in capital of USD 375 million, through a contract signed in Baku. Shortly after gaining independence, Tekfen began operating as a contractor in Azerbaijan and strengthened its presence in the country with an acquisition valued at USD 100 million. TechInvestments LLC, a subsidiary of Tekfen Holding, signed a contract in Baku to become a 10% partner in SOCAR Polymer Investments LLC, a petrochemical production company with paid-in capital of USD 375 million. The polypropylene (PP) unit of the facility, with a total investment value of approximately USD 820 million, commenced operations in September 2018, while the high-density polyethylene (HDPE) unit started operations this year. SOCAR Polymer LLC, with annual production capacity of 184,000 tons of PP and 120,000 tons of HDPE, has identified Azerbaijan and Turkey as primary target markets, along with Russia and Western and Central Europe. At the contract signing on 13 December in Baku, Murat Gigin, Chairman of the Board of Tekfen Holding, stated: "Over the years as a contractor in Azerbaijan, we have signed projects exceeding USD 6 billion in the most fundamental investment initiatives for the country's development. During our 25 years of presence in the country, we have earned the trust of the Azerbaijan state, established partnerships, and particularly transferred important know-how in engineering, contracting and industrial facility manufacturing, contributing to the professional development of thousands of skilled personnel in technical and managerial roles. Now, with this signature, we are opening a new chapter by taking a 10% stake in a production facility as a manufacturer. This initiative will increase our potential for greater involvement in new investments in the country, and will serve as valuable preparation for our Mersin polypropylene facility with capacity of 500,000 tons per year, for which we are completing the EIA and pre-feasibility stages for investment in Turkey. With the belief that this investment will be an undertaking that contributes to the motto of "one nation, two states," I wish all parties success."