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Petkim to issue bonds in quest of shares in STAR refinery

by ChemOrbis Editorial Team -
  • 30/10/2017 (12:47)
According to the Turkish Public Disclosure Platform, Turkey’s Petkim has decided to issue bonds abroad with value of up to $500 million.

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.
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