Petkim in talks for acquisition of share in Star Refinery
By Nigar Abbasova
Petkim, the leading petrochemical company of Turkey, is still in talks with SOCAR Turkey Energy (subsidiary of Azerbaijan’s state energy giant SOCAR) on the acquisition of a share in the Star oil refinery.
Turkey’s Public Disclosure Platform (Kamuoyunu Aydınlatma Platformu - KAP) reported that the company intends to purchase a 12-14 percent share of Rafineri Holding from SOCAR Turkey Energy, thus becoming the owner of a 7-9 percent share in Star Refinery, which will be the first oil refinery built by the private sector in Turkey.
Petkim’s Board of Directors earlier gave permission for the launch of talks on the issue. Petkim’s newly-appointed CEO Anar Mammadov talking to reporters in Izmir said that talks on the issue are currently underway and no specific comments may be made at present.
For the time being the distribution of shares in the refinery is as follows: Rafineri Holding A.Ş., which operates as a subsidiary of SOCAR Turkey Energy, holds some 60 percent of shares, while SOCAR is an owner of a 40 percent share.
SOCAR Turkey Enerji is considered to be the most important representative of the ever-reinforcing economic collaboration between Azerbaijan and Turkey. SOCAR has been carrying out its activities in Turkey under the name of SOCAR Turkey Enerji A.S. since 2012.
Petkim produces high quality petrochemical products in its integrated and high technology premises and it imports petrochemical products, compatible with international standards. The Star refinery will produce naphtha, diesel fuel with ultra-low sulfur, aviation kerosene, reformate, petroleum coke, liquefied gas, mixed xylene, olefin LPG, sulfur. The refinery will not produce petrol and fuel oil. It is planned to refine Azeri Light, Kerkuk and URALS oil grades at the plant.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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