Petkim defines auditor

By Azernews

By Nigar Abbasova

Turkish petrochemical giant Petkim chose PricewaterhouseCoopers (PwC) as an independent auditor, Trend reported with reference to the Turkish Public Disclosure Platform.

PwC will conduct an audit of Petkim’s financial activity in 2017.

Assets of Petkim in June 2016 stood at $1.69 billion compared to $1.85 in 2015. Petkim’s liabilities in the reported period amounted to $0.41 billion facing a decrease of 23.9 percent within a year, while the volume of fixed liabilities stood at $ 0.36 billion facing an increase of 0.9 percent.

Market value of the Turkish Petkim petrochemical complex is currently estimated at $2.2 billion. The company produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.

Petkim shareholders are: SOCAR Turkey Petrokimya A.?. – 51 percent, SOCAR Turkey Energy – 1.32 percent and 47.68 percent – in free float.

Direct participation share of SOCAR Turkey Energy in the petrochemical complex decreased to 1.32 percent, after the sale of some 35 million of shares (each for 4.35 Turkish lira ($ 1.40)), while the volume was earlier at the level of 5.32 percent.