Azerbaijan's state-owned energy company SOCAR plans an initial public offering (IPO) for its Turkish subsidiary SOCAR Turkey Enerji in 2020. SOCAR would retain a 51% stake in the company and would offer 49% of its shares to investors.
SOCAR Turkey Enerji owns a controlling interest in the largest petrochemical company in Turkey, Petkim Petrokimya Holding.
In addition, SOCAR Turkey Enerji is considering acquiring the stake held by Austrian oil company OMV in its fully-owned Turkish subsidiary Petrol Ofisi, that was put for sale in February 2016 in line with its strategy to focus on upstream and integrated downstream businesses.
With 1,785 service stations in Turkey, Petrol Ofisi operates the largest retail station network and is the market leader in fuel distribution in the country. The group is also a leading fuel supplier to industrial and commercial customers. It also operates one lubricant plant, 11 fuel terminals, three LPG terminals, 19 airport supply units and around 1.17 mcm of storage capacities.