Pledge removed from Petkim shares

Baku. 23 September. REPORT.AZ/ Subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR) in Turkey - SOCAR Turkey Energy A.Ş (STEAŞ) repaid the loan taken for the purchase of its 51% stake in Petkim.

(PetroKimya) Holding A.Ş., in connection with what the Petkim shares was lifted pledge.

Report informs, it was said in Petkim statement informing the public on the platform.

Auction of SOCAR / Turcas Enerji A.Ş. conducted on May 30, 2008 It acquired a 51% stake in Petkim Holding for 2.04 bln USD. On March 30, 2012 Socar Turkey Enerji A.Ş and SOCAR International DMCC OGG privatized 10.32% stake in Petkim Petrochemical Holding.

After buying shares in Petkim SOCAR share reached 61.32%, the remaining 38.67% are placed on the Istanbul Stock Exchange.

Since May 30, 2012 SOCAR continues operations in Turkey under the name of SOCAR Turkey Enerji A.Ş.