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SOCAR Turkey intends to become open joint-stock company

Oil&Gas Materials 3 May 2013 11:50 (UTC +04:00)
SOCAR Turkey may become an open joint-stock company in perspective, the Sabah newspaper quotes head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz as saying on Friday.

Azerbaijan, Baku, May 3 / Trend, A.Taghiyeva /

SOCAR Turkey may become an open joint-stock company in perspective, the Sabah newspaper quotes head of SOCAR Turkey Enerji, a board member of Petkim Petrochemical Holding Kenan Yavuz as saying on Friday.

According to Yavuz, the company intends to implement a number of important energy projects, in particular, projects to create an oil refinery, pipeline, as well as petrochemical and logistic projects.

"The total cost of these projects amount to $17 billion. SOCAR Turkey with all these projects may become an open joint-stock company. At present, we are working in this direction," Yavuz said.

Also on March 30, SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32-percent stake in Petkim, increasing its stake to 61.32 per cent. Some 38.67 per cent are in free circulation on the Istanbul Stock Exchange.

The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.

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