Baku, Azerbaijan, July 21
By Rufiz Hafizoglu – Trend:
The Petkim petrochemical complex has obtained the status of a foreign trade company in Turkey, says a message posted on the website of Turkey’s Resmi Gazete (Official newspaper) July 21.
This decision was made by the country’s Economy Ministry.
Such status is received by those companies the paid capital of which exceeds two million Turkish liras, and export volume of which has reached $100 million over the last 12 months.
Having received this status, Petkim will be able to take advantage of various benefits, for example, a guarantee of VAT refund, loans with low interest rates, state support for exports, and simplified customs procedures.
Petkim petrochemical complex, which is a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.
Petkim shareholders are SOCAR Turkey Petrokimya AS (51 percent) and SOCAR Turkey Enerji AS (1.32 percent), with 47.68 percent in free float.
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