SOCAR has clarified the deal with Petkim

​SOCAR has sold 2.75% of shares in Petkim to a foreign investment fund.

This is a regular trade deal, i.e. the process of shares sale purchased a few years ago at a lower price. It allowed to sell each share by 2.5 times higher and make a significant profit. The funds made on the sale of this package are planned to be spent for other investment purposes. This deal will not influence on the volume of the controlling package of shares in Petkim and SOCAR will go on the effective management over this enterprise.

The purchase of shares in Petkim by a foreign fund at a higher price shows the attractiveness of this asset.

As of Jan 1st 2016 the assets of Petkim made up 5.46 bln TRL having risen by 44.2% against 2014 (3.79 bln TRL).

The net profit of Petkim in 2015 made up 639.2 mln TRL having risen by 14% against 2014.

The registered capital of Petkim was increased to 1.5 bln TRL.