Merger of Petkim and STAR may take 2 to 3 years

The merger of the Petkim petrochemical complex and the STAR refinery - assets of the State Oil Company of Azerbaijan (SOCAR) in Turkey - could take 2 to 3 years.

Report informs that Anar Mammadov, the head of the SOCAR Turkey Refining and Petrochemical Business Union and Petkim CEO, told the Turkish Bloomberg TV, that industrial integration between the two enterprises has already been achieved.

"However, they are legally two separate companies. But our ultimate goal is to bring Petkim and STAR together," he said.

Mammadov noted that Petkim is not planning to buy a stake in STAR refinery.

According to him, production capacity did not decrease during the COVID-19 pandemic, and the indicators for 2020 do not differ much from 2019.

"Petkim's market share is 18%. Five more petrochemical complexes of the kind are needed to meet Turkey's demand. Similarly, we have a deficit in the diesel fuel market. Turkey is forced to import 3-4 million tons of diesel fuel per year. We support new investments to reduce deficits and strengthen local producers," Mammadov said.