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...
- Turkey PP, PE markets propelled higher by shipping bottlenecks in Sept
- Are record-high PVC prices the new normal amid enduring pandemic?
- European PVC up for 16th month in Sept, prices touch new highs
- Egypt’s PP, PE markets rise on tightness in September
- Logistics snarls propel import PP, PE offers higher in Europe
- Import PVC prices near all-time highs in India, disparity with China/SEA grows
- PP, PE supplies rise in China; demand lags behind expectations despite peak season
- Stats: China’s July PE imports increase after 3 months of declines
- Will Asia’s PS markets follow ABS higher on cost support?
- Sept PET expectations diverge in shade of opposite factors in Europe