Page 12 - EurOil Week 05 2023
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It produces 1.6mn tonnes/year of naphtha for sold to a JV set up by Socar, Turkish conglomer-
Petkim along with 1.6mn tonnes/year of jet fuel, ate Aksoy Holding’s Turcas Petrol (TRCAS) and
4.8mn tonnes/year of diesel fuel, 700,000 tonnes/ Saudi Arabia’s Injaz.
year of petroleum coke, 420,000 tonnes/year of In 2012, Socar bought Turcas’ indirect stake
mixed xylene, 480,000 tonnes/year of reformate in Petkim. In 2014, Turcas also sold its take in
and 160,000 tonnes/year of sulphur. STAR Refinery to Socar.
Turkey has two oil refiners. Tupras (TUPRS), In 2015, Socar sold a 13% stake in Socar Tur-
a unit of Koc Holding (KCHOL), is STAR’s sole key to Goldman Sachs (New York/GS).
domestic peer. It has an annual production In 2021, Goldman Sachs exercised a $1.3bn
capacity of 30mn tonnes. put option (right to sell) for its stake in Socar
Petkim, launched in 1965 by Turkey’s state- Turkey. As a result, Socar is currently the sole
owned Turkish Petroleum Corporation (TPAO) owner of Socar Turkey.
as a state-owned enterprise (SOE), produces Also in 2021, Goldman exercised a $300mn
ethylene, polyethylene, polyvinyl chloride and put option for its 30% stake in Petlim, Petkim’s
polypropylene. integrated port on the Aegean. Petkim holds the
In 1990, a 4% stake in Petkim was sold in an remaining 70% in Petlim.
initial public offering (IPO). In 2005, another Socar Turkey also operates two natural
38% stake was sold in a secondary public offer- gas grids in Bursa and Kayseri along with
ing (SPO). the Trans-Anatolian Natural Gas Pipeline
In 2008, a 51% majority stake in Petkim was (TANAP).
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