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...
- Stats: China’s 2023 PE imports snap two-year downfall despite rapidly growing domestic capacities
- PE rally loses momentum on subsiding demand in Türkiye
- PVC prices flat for 2nd straight month in Italy and West Europe
- Freight rates snap rally, Red Sea crisis keeps decreases in check
- Worsening dollar shortage pushes Egypt’s local PP, PE prices to never-before-seen highs
- Stats: US PE exports hit a renewed record in 2023, sales to China boom
- Türkiye’s PP market continues to grapple with tight supply, prices at multi-month highs
- Margin expansion targets push Italy’s PE film markets to multi-month highs
- LDPE prices rise faster than other PP, PE products in India’s bullish market
- Headwinds await China’s PP, PE markets post-holiday period