(MENAFN) State Oil Company of Azerbaijan Republic (SOCAR) revealed a decision to enter its Turkish subsidiary on the stock exchanges of London, Hong Kong and Istanbul within two years.
Head of SOCAR Turkey Energy Zaur Gahramanov stated: "we believe that we have a good asset that we can monetise and IPO is a profit for shareholders."
Management of SOCAR and shareholders, the chief noted, will be settling on the method to use proceeds from the initial public offering (IPO).
Gahramanov further added that consultants will be listed by Citigroup and JP Morgan and McKinsey is set to assist in "technical and financial optimisation".
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