SOCAR significantly increases its share in Petkim
Azerbaijan, Baku, March 30 / Trend /
Socar Turkey Enerji and SOCAR International DMCC OGG acquired a 10.32-percent stake at the Turkish Petkim Petrochemical Holding, Trend reported on Friday with reference to Turkish mass media.
"Some $168.5 million were offered for acquisition of this stake," Anadolu news agency reported.
SOCAR and Turkish plastic producing company Naksan Plastik claimed for acquiring a 10.32-percent stake at the Petkim Petrochemical Holding.
Now SOCAR Turkey Enerji (Turkish unit of the State Oil Company of Azerbaijan) has a 61.32-percent stake at the Turkish petrochemical complex, while 38.67 percent is in free circulation at the Istanbul Stock Exchange.
Earlier, SOCAR Turkey Enerji CEO Kenan Yavuz told Reuters that SOCAR has appealed to the Privatization Board of Turkey to acquire a 10.32-percent stake at the Petkim Holding.
Petkim Petrochemical Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.