Petkim makes first interest payment on Eurobonds

Baku. 27 July. REPORT.AZ/ Petkim Holding, mainly owned by State Oil Company of Azerbaijan (SOCAR), has made its first interest payment on Eurobonds that placed in the amount of $500 million on the Irish Stock Exchange.

Report informs, Petkim reported on the Turkey Public Information Platform (Public Disclosure Platform - KAP).

It was noted that, in general, 14,687,500 dollars were transferred to the account of Eurobond holders.

Notably, Petkim (Petrochemical) Holding placed its first Eurobond emission in the amount of $500 million on the Irish Stock Exchange. The first Eurobond emission was placed on the Irish Stock Exchange on January 26. The annual yield of the bonds with turnover period of 5 years is considered 5.875%

Interest payments will be made on July 26 and January 26 every year until the end of the term, once every six months.

Petkim Holding placed this Eurobond in order to get share in STAR Oil Refinery, which is under construction in Aliağa (Izmir). At the beginning of January, Petkim Holding signed agreement on purchasing 30% shares of Rafineri Holding from SOCAR Turkey Enerji A.S for $ 720 million. Under this agreement, Petkim own 18% shareholder in STAR.

Notably, after privatization process completed in 2008, 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.