HSBC increases target price of Petkim shares by 7%

Baku. 10 January. REPORT.AZ/ Banking and financial services institution HSBC has increased target price for Petkim Petrokimya Holding A.Ş, which is mainly owned by the State Oil Company of Azerbaijan Republic (SOCAR).

Report informs citing the Turkish media, the institution raised target price of Petkim shares from 3.5 TRY to 3.75 TRY (increase by 7.14%).

Notably, Petkim Holding was established in 1951 through 250 mln TRY investment. At the end of the privatization process completed in 2008, SOCAR has become Petkim's main shareholder. Petkim Aliağa Complex consists of 14 main plants and 8 auxiliary units, also 22 facilities integrated into each other.

As the first and only local producer of petrochemical products in Turkey, Petkim owns almost 20% share in the domestic market.