BAKU, Azerbaijan, October 3. Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Türkiye has become an indirect shareholder of the STAR refinery, securing a 12 percent ownership stake, Trend reports with reference to SOCAR Türkiye.
The significant share acquisition, which was initially announced by Petkim in 2018, was successfully completed on October 2.
With this strategic investment, Petkim now holds a substantial 12 percent stake in STAR Rafineri A.Ş., amounting to a transaction value of $480 million. This transaction will have an impact on Petkim's consolidated financial statements starting from the fourth quarter of 2023.
SOCAR initiated its commercial operations in Türkiye in 2008 when it acquired a 51 percent stake in Petkim. Petkim is a multifaceted company involved in the production of petrochemical products, as well as the processing, trading, and distribution of natural gas.
The STAR refinery, with a total investment cost of $6.3 billion, commenced operations in October 2018. It boasts an annual processing capacity of approximately 10 million tons and can process 214,000 barrels of crude oil per day.
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