Petkim Holding gets official permit to issue Eurobonds

Baku. 25 December. REPORT.AZ/ The Capital Markets Board of Turkey responded positively to the appeal on issue of Eurobonds made by Petkim Holding, mainly owned by the State Oil Company of Azerbaijan Republic (SOCAR).

Report informs, the company stated in the Turkey Public Disclosure Platform.

The bonds with total nominal value of $ 500 mln will be placed abroad.

Notably, on October 27, Petkim Holding has declared about the planning of bond issue up to $ 500 mln in accordance with decision of the Management Board in order to get share in STAR oil refinery, which is under construction in Aliağa (Izmir).

It was noted that additional sources will be also used to purchase share in the STAR, if there is a need for resources other than the funds to be acquired from the Eurobond issue placement.

Earlier, it was noted that Petkim intends indirectly to purchase 7-9% share in STAR plant. According to information, in this regard, Petkim Holding plans to purchase 12-14% share in "Rafineri Holding" from owner SOCAR Turkey Enerji. The last statement says that the percents may change.

Notably, after privatization process completed in 2008, the SOCAR became main shareholder of Petkim. Currently, SOCAR owns 51% of Petkim Holding shares. The rest of Petkim stakes is in circulation at Istanbul Stock Exchange. 

Petkim is the first and only petroleum chemical complex in Turkey and the biggest exporter of Aegean region.