SOCAR intends to but share at Petkim holding

SOCAR Turkey Enerji (Turkish subdivision of the State Oil Company of Azerbaijan) will participate in the tender to purchase a 10.32-percent share of the Petkim petrochemical holding, the Sabah newspaper quotes SOCAR Turkey Enerji managing director Kenan Yavuz as telling journalists on Tuesday.

"This tender is not of strategic importance to the company, however, we will participate in it," Yavuz said.

Turkish petrochemical holding Petkim announced a tender to privatize 10.32-percent of the company's shares owned by the state on Monday. Initial cost of shares is estimated at $3 million.

All applications to participate in the tender should be submitted before March 20, 2012.

SOCAR is a party in the joint venture - co-owner of the Petkim petrochemical complex.
Previously, SOCAR Turkey Enerji began construction of a new oil refinery in Turkey to meet Petkim's needs of raw material.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.

At present, the share of Petkim on the petrochemical market is 25 percent, but as a result of the work done, it will increase up to 40 percent.


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