Petkim to issue $500 million bond
By Sara Israfilbayova,
SOCAR Petkim Petrochemical Holding will issue a $500 million bond on January 26.
Executive Director of Petkim PetroKimya Holding A.Ş Anar Mammadov said that demand for bonds issued on the Irish stock exchange has expired.
Mammadov went on to say that trends in exports were three times higher than demand. “This is an important indicator of faith in Petkim and Turkey. Revenues will be used to finance the company STAR Refinery, which in recent days was a shareholder of the company,” he noted.
STAR will supply raw materials for both Turkey and Petkim. The plant, which will be put into operation this year, will pay for Petkim’s raw materials needs.
For the issue of bonds Goldman Sachs International, J.P. Morgan Securities Plc, Citigroup Global Markets Limited, Societe Generale and VTB Capital Plc will act as underwriters.
SOCAR, being the largest foreign investor in Turkey, is the author of very important and large-scale projects in the energy industry. SOCAR entered the Turkish market with the acquisition of Petkim. The company’s investments in Turkey will be a total of $19.5 billion once they are completed -Petlim, STAR Oil Refinery, Petkim Wind Power Plant (WPP) and TANAP projects.
SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
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