Socar Turkey considers stake sale in Petkim port

ISTANBUL – Reuters

“We have begun talks, we are thinking a share sale aimed at a public offering target in Petkim,” Socar Turkey CEO Kenan Yavuz said. DHA Photo

Socar Turkey has kicked-off talks with Goldman Sachs to explore strategic alternatives for its shares in Petkim Limancılık, port subsidiary of petrochemicals maker Petkim.

Turkey’s sole petrochemical company said yesterday the talks between Goldman Sachs and Turkey’s branch of Azeri energy giant Socar, Socar Turkey, have been launched for consideration of options, including the transfer of shares in its subsidiary operating in its port in Aliağa, in the province of İzmir.

Confirming that negotiations have started, Socar Turkey CEO Kenan Yavuz told Reuters the amount of shares that might be sold may be around 25 percent, underlining neither the share sale, nor the amount is certain.

“We have begun talks, we are thinking a share sale aimed at a public offering target in Petkim,” he said.
“It will be a good development that will display that capital inflow to our country is continuing and the trust in both our country and company remains.”