By Kamila Aliyeva
Shares of the Turkish petrochemical complex Petkim increased by 138 percent in 2017, and reached the record high of the past three years, according to Anar Mammadov, general manager of Petkim Petrokimya Holdings AS, Turkish media outlets reported.
Currently, the value of Petkim shares on the Istanbul Stock Exchange is 8.09 Turkish liras ($2.1) per share.
Petkim, in which SOCAR has a share of 51 percent, produces plastic packages, fabric, detergents and is the sole Turkish manufacturer of such products, a quarter of which is exported. The rest of the complex shares are in free circulation on the stock exchange.
Mammadov recalled the plans of SOCAR Turkey Energy A. S. to carry out an initial public offering (IPO) of shares in the near future.
“We are planning an IPO for SOCAR Turkey Energy in the upcoming period. The details are not defined yet. According to our estimates, oil prices will stand at about $60. This is a good price for us,” he added.
Earlier, Head of SOCAR Turkey Enerji Zaur Gahramanov spoke about the IPO plans of the company, scheduled for 2020.
The initial public offering (IPO) is the first time that the stock of a private company is offered to the public.
Going public helps companies to diversify equity base, raise market capital, as well as to increase public awareness which in turn opens up new opportunities through introducing company’s products to a new group of potential customers.
Founded in 2008, SOCAR Turkey Energy is one of the most well-established oil and natural gas companies of the world.
SOCAR Turkey Energy keeps empowering Turkish industry with its significant investments, thus assisting Turkey in becoming a major player in international energy platforms.
It is expected that in 2018, the consolidated turnover of SOCAR Turkey Energy will reach $15 billion and the company will become the second biggest industrial company in Turkey with 5,000 employees and export potential of $3 billion.
SOCAR is the biggest foreign investor of Turkey with its total investment to reach $19.5 billion by 2020.
At the same time, SOCAR’s group companies in Turkey, namely Petkim, STAR Refinery, Petlim Container Terminal and Trans-Anatolian Natural Gas Pipeline (TANAP) represent the largest-scale investment that Azerbaijan has ever made to a single country.
Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva
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