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SOCAR closes the sale on part of its stake in Petkim

by ChemOrbis Editorial Team -
  • 18/10/2016 (14:16)
According to media reports, SOCAR Turkey Energy, a subsidiary of Azerbaijan’s state-based energy company SOCAR, closed the sale on a part of its shares in the Turkish petrochemical company Petkim.

SOCAR Turkey Energy’s direct participation fell to 1.32% in the petrochemical complex with the sale of almost 35 million shares. Each share was sold at $1.40. However, SOCAR Turkey Petrokimya A.S maintains a 51% share in Petkim. SOCAR Turkey Energy’s direct and indirect share in Petkim was down to 52.32% from 54.65% after the sale.

Petkim’s assets were reported at $1.69 billion in 2016 from $1.85 billion last year. In this period, Petkim’s liabilities were valued at $0.41 billion with a drop of 23.9% while its fixed liabilities volume was at $0.36 billion with an increase of 0.9% within the year.

Petkim petrochemical complex’s market value is estimated at $2.2 billion at present.
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