Posted by meb at September 8th, 2008

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.

source: Hurriyet daily

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