SOCAR Turkey Enerji merges assets in Petkim
By Aynur Jafarova
SOCAR Turkey Enerji has merged its assets with SOCAR Izmir Petrokimya in the Petkim Petrochemical Complex.
As a result of the deal, the share of SOCAR Turkey Enerji in this complex reached 61.32 percent, Turkey's Public Disclosure Platform said on September 23.
Earlier SOCAR Turkey Enerji held indirectly 51 percent of Petkim Petrochemical Holding through its subsidiary SOCAR Turkey Petrokimya and 10.32 percent through SOCAR Izmir Petrokimya.
The process of merging of assets of SOCAR Turkey Enerji and its subsidiary SOCAR Izmir Petrokimya took place on September 22.
Some 38.67 percent of stake of the petrochemical complex is still in free circulation on the Istanbul Stock Exchange.
Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, manufactures plastic packages, fabrics, PVC, and detergents. It is the only Turkish producer of such products.
A quarter of Petkim's products are exported to foreign markets.
The total production volume of the holding amounted to nearly 2.82 million tons in 2013, compared to 3.03 million tons in 2012.
Investments in the development of the complex will amount to $114 million in 2014. Petkim's share in the Turkish market is expected to hit 40 percent by 2023.
The official exchange rate on September 23 was 2.2319 TL/USD.