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SOCAR sells part of its share in Petkim

17 October 2016 17:41 (UTC+04:00)
SOCAR  sells part of its share in Petkim

By Nigar Abbasova

Socar Turkey Energy, a subsidiary of Azerbaijan's state energy giant SOCAR, sold a part of its stakes in the Turkish petrochemical giant Petkim.

Direct participation share of SOCAR Turkey Energy in the petrochemical complex decreased to 1.32 percent, after the sale of some 35 million of shares (each for 4.35 Turkish lira ($ 1.40)), while the volume was earlier at the level of 5.32 percent.

The share of SOCAR Turkey Petrokimya A.S in Petkim remained unchanged - 51 percent.

Following the transaction, the direct and indirect participation of SOCAR Turkey Energy in the petrochemical giant decreased from 54.65 percent to 52.32 percent.

Assets of Petkim in June 2016 stood at $1.69 billion compared to $1.85 in 2015. Petkim’s liabilities in the reported period amounted to $0.41 billion facing a decrease of 23.9 percent within a year, while the volume of fixed liabilities stood at $ 0.36 billion facing an increase of 0.9 percent.

Market value of the Turkish Petkim petrochemical complex is currently estimated at $2.2 billion.

Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, while a quarter of the volume is exported.

Azerbaijan state energy giant SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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