SOCAR Turkey Enerji combines assets in Turkish petrochemical complex
Baku, Azerbaijan, Sept.25
By Rufiz Hafizoglu - Trend:
SOCAR Turkey Enerji has combined its assets with SOCAR İzmir Petrokimya within the framework of participation in the Petkim petrochemical complex.
"As a result of the merge, the share of SOCAR Turkey Enerji in the complex amounted to 61.32 percent. SOCAR İzmir Petrokimya owned 10.32 percent of share holding," said the statement published Sept.23 on the website of the Turkish state body on public alert (Kamuoyunu Aydınlatma Platformu KAP).
The process of merging of SOCAR Turkey Enerji and its subsidiary SOCAR İzmir Petrokimya was held September 22, the statement said.
Some 38.67 percent stake is still in free circulation on the Istanbul Stock Exchange.
In 2008, the SOCAR alliance won a tender for the sale of a 51 percent stake of Petkim chemical concern.
n the first half of 2014 the company's turnover amounted to 2.44 billion Turkish lira, and the utilization rate of production capacities increased by 9 percentage points and reached 90 percent. In January-June Petkim complex earned net profit worth 55 million Turkish lira, which is 11 times more than the same period of 2013.
For the entire 2013 net profit of Petkim amounted to 49 million lira.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the sole Turkish producer making such products, a quarter of which the company exports.
A new refinery will be constructed in order to provide the complex with raw materials. It is planned to construct a new power plant and to develop the container port near the complex.
After commissioning the Star refinery in 2017, SOCAR will become the third largest enterprise in Turkey and the first company in Turkey's energy sphere.
SOCAR includes Azneft (onshore and offshore oil and gas producing companies), Azerkimya (chemical industry) and Azerigas production associations.
In addition, the State Oil Company has a number of processing enterprises, service enterprises, institutions involved in geophysical and drilling operations.
SOCAR is the only oil producer in Azerbaijan (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.