Petkim postpones purchase of shares in STAR

Petkim, the largest asset of the State Oil Company of Azerbaijan (SOCAR) in Turkey, has postponed the payment and transfer of shares for the acquirement of an 18% stake in the STAR refinery, another investment in Izmir's Aliaga settlement, until the end of the next year.

Report informs, citing Turkish Public Disclosure Platform (PDP), that the company has delayed the acquisition of shares from January 3, 2022, to December 31 because of uncertainties in the petrochemical sector and the company's intention to reduce debt.

Founded on April 3, 1965, Petkim Petrokimya Holding is Turkey's leading petrochemical complex. The complex produces plastic, textiles, as well as ethylene, polyethylene, polyvinyl chloride, polypropylene, and other petrochemical products used in the production of other consumer and industrial goods.

The STAR Oil Refinery was launched on October 19, 2018. The refinery plans to process oil brands such as Azeri Light, Kirkuk, and Urals. The enterprise will produce 1.6 million tons of naphtha, 1.6 million tons of jet fuel, 4.8 million tons of ultra-low sulfur diesel fuel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene, 480,000 tons of reformate, and 160,000 tons of sulfur per year. The previous production capacity of the STAR refinery has increased from 10 million tons per year to 11 million tons this year.