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English
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oda_MaterialEventDisclosureGeneralAbstract|
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oda_UpdateAnnouncementFlag|
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Evet (Yes)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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23.12.2010
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_AnnouncementContentSection|
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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The allocation of lands owned by our Company to STAR Rafineri A.Ş. ("STAR") for the purpose of refinery construction by STAR was announced in the public disclosure dated 23.12.2010. The fairness of the annual values of the allocations made by our company in favor of STAR has been closely monitored through various valuation reports received over the years, taking into account the subject and scope. As a result of the increase in value following the declaration of the SOCAR Turkey Energy A.Ş. Special Industrial Zone, initiated by SOCAR Turkey, the values determined in the valuation report dated 31.12.2024 exceeded the 2025 values established under the terms of the existing construction rights agreement and therefore, our Company has initiated good faith negotiations with STAR as of 2025. In accordance with these negotiations and in accordance with the decision of our Company's Board of Directors dated 30.09.2025, it has been decided that the aforementioned construction rights will be collected from STAR in advance, starting from 01.01.2025, based on the amounts determined based on the valuation report, prepared by an independent third party CMB licensed real estate appraisal company and which has its summary attached, and that the necessary procedures will be carried out to register the relevant changes in the land registry. As a result of the transaction, a total of 6.1 billion TL of one-time cash inflow will be realized to our Company in return for the remaining periods within the scope of the construction rights established for 30-year periods, some of which are valid from 2014 and some from 2018, and the income arising from the construction rights will continue to be accrued annually in the income statement until 2044 and 2048.
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