Socar acquires remaining state-owned stakes in Petkim

May 09, 2012, Wednesday/ 16:52:00/ TODAY'S ZAMAN

The state has now completely relinquished its control of petrochemicals producer Petkim by selling the remaining 10.32 percent of state owned shares in the firm to Socar Turkey Enerji AŞ, the Privatization Administration (ÖİB) announced on Wednesday.

Socar Turkey is a subsidiary of Azerbaijan's state-owned oil company SOCAR. In a written statement to the Public Disclosure Platform (KAP), ÖİB said the remaining 10.32 percent of stakes in Petkim belonging to the state were acquired by Socar Turkey, meaning Petkim is now completely privatized. Socar Turkey paid $168.5 million for the stakes after the state offered its remaining stakes in Petkim for sale in a tender.

Azerbaijan's SOCAR-Turcas-Injaz consortium won the tender for the block sale of a 51 percent state-owned stake in Petkim in 2007. The company employs 2,631 workers, while 38.68 percent of stakes in Pektim are traded on the İstanbul Stock Exchange. With the latest sale, 61.32 percent of shares in Petkim are now controlled by Socar. Pektim holds a 26 percent share in Turkish petrochemical markets.

The firm has attracted the attention of foreign investors with its successful performance last year. Petkim, Turkey's largest domestic producer of petrochemicals, broke an export record of 47 years in 2011, increasing its export profits -- which rose from $531 million in 2010 to $834 million in 2011 -- by 57 percent. It has two major production facilities in Turkey: one in İzmir's Aliağa and the other in Kocaeli's Yarımca.

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