SOCAR closes the sale on part of its stake in 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.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem