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Regions :: Middle East

Socar JV Increases Its Stake in Petkim

8:10 AM MDT | April 4, 2012 | Sotirios Frantzanas

Socar Turcas Energy--a joint venture among State Oil Co. of Azerbaijan (Socar; Baku), Turcas Petrol (Istanbul), and Aksoy Holdings--has acquired an additional 10.32% stake in petrochemical company Petkim (Izmir, Turkey). The acquisition of the stake amounted to about $168.5 million, based on a report by Turkey's Anadolu news agency. Socar Turcas Energy owns, following the acquisition of the additional shares, a 61.32% stake in Petkim. The remaining 38.67% of Petkim is traded on the Istanbul stock exchange, Petkim says. Socar Turcas Energy was created in 2006. The...

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