Changes in SOCAR petchem complex board in Turkey

26 December 2018 18:38 (UTC+04:00)

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Mehmet Bostan has been appointed an independent member of the Board of Directors of the Turkish petrochemical complex Petkim, owned by Azerbaijan's state oil company SOCAR, Trend reports referring to the Public Disclosure Platform (KAP) of Turkey.

Earlier, Bostan headed the Turkey Wealth Fund, and also held various management positions, including at the Dresdner Bank AG.

In addition, Ali Semih Sansal will be appointed as new deputy director general on Jan. 1, 2019. Nihat Gurbuz, who will hold the position until Jan.1, 2019, will become a technical director of Petkim after that date.

Earlier, Tevfik Bilgin left the position of independent member of the Board of Petkim, while Osman Dincbas, the deputy minister of the treasury and finance of Turkey, joined the Board.

The Board of Petkim is currently headed by Vagif Aliyev, who is also the chairman of the Board of SOCAR Turkey. His deputy in Petkim's Board is David Mammadov, the vice president of SOCAR for processing and a member of the Board of SOCAR Turkey. The Board also includes Farrukh Gasimov, Suleyman Gasimov, as well as Neslihan Tonbul, Ilhami Ozsahin and Mehmet Ceylan.

Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons per year. The complex includes 14 plants that produce 20 different types of products.

Petkim shareholder is SOCAR Turkey Petrokimya AS (51 percent), while 49 percent is in free circulation on the stock exchange.

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