Petkim raises rating in ISE
Azerbaijan, Baku, Sept.4 / Trend /
SOCAR's Turkish petrochemical complex Petkim raised its rating in the Istanbul Stock Exchange (ISE) from previous 7.71 points to 8.19 points, SOCAR said Sept.3.
Petkim entered the index of organizational management of the exchange last year.
This means transfer of appraisal of corporate governance level of the Petkim from "mainly meeting the requirements" to "high quality of managements".
SOCAR and Turcas Petrol / Injaz Projects won a tender to sell 51 percent stake in chemical concern Petkim, offering $2.04 billion or it in 2008. Turkey imports 70-75 percent of the necessary chemical products. SOCAR / Turcas / Injaz's investments to the development of Petkim will reduce imports by 30 percent.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC, detergents. It is the only Turkish producer of such products.