Petkim buys 12% stake in STAR oil refinery


The Petkim petrochemical complex, an asset of the State Oil Company of Azerbaijan (SOCAR) in Türkiye, has finalized the acquisition of a 12% stake in the STAR oil refinery, Report informs via Turkish public information platform (Kamuyu Aydınlatma Platformu – KAP).

Petkim became an indirect shareholder of the STAR refinery.

According to the information, the share purchase transaction announced by Petkim in 2018 was completed on October 2, subject to all conditions being met: “Thanks to the share purchase transaction, Petkim indirectly became a 12% shareholder of STAR Rafineri A.Ş. The transaction amount was $480 million

It is noted that this transaction will affect Petkim’s consolidated financial statements starting in the fourth quarter of this year.

SOCAR Türkiye Enerji (SOCAR’s Turkish subsidiary) is the owner of a controlling stake in Petkim Petrokimya Holding, Türkiye’s leading petrochemical complex. The complex produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other petrochemical products that are used in the production of plastics, textiles, and other consumer and industrial products.