Socar to bid for Petkim stake
Socar Turkey Enerji, the Turkish subdivision of Azerbaijan’s state oil company Socar, will participate in the tender to purchase a 10.32-percent stake of the Petkim petrochemical holding, Sabah newspaper quoted Socar Turkey Enerji CEO Kenan Yavuz as saying on Tuesday.
"This tender is not of strategic importance for the company, but we will participate in it," Yavuz said.
Petkim announced a tender to privatize 10.32-percent of the company's state-owned shares on Monday. Initial cost of the shares is estimated at $3 million. Bids are to be submitted by March 20.
Socar is a co-owner of Petkim, Turkey’s largest petrochemicals complex. Previously, Socar Turkey Enerji began construction of a new oil refinery in Turkey to meet Petkim's needs for raw materials.
Petkim manufactures plastic packages, fabric, PVC, detergents and is the only Turkish producer of such products, 25 percent of which is exported.
At present, Petkim’s share in the domestic petrochemicals market is 25 percent, but it will increase to 40 percent as a result of the ongoing operations.
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