Petkim to issue bonds in quest of shares in STAR refinery
The company will use the amount from the floatation to purchase stakes and become an indirect shareholder in the STAR Refinery, which is being constructed by Azerbaijan’s state –owned company SOCAR, according to the announcement.
Petkim was previously reported to be aiming a total share of around 7-9% in the $5.6 billion refinery. However, it is also noted in the announcement that the shareholding percentages previously stated are likely to vary.
The STAR refinery will reportedly reduce the dependency on foreign oil products in Turkey upon its start-up by 2018.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Saudi PP, PE markets reverse course in Feb after 8 months, maintenance schedule busy in Mid-East
- Freight carriers aim to manage supply-demand balance by blanking more sailings
- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year