Azeri SOCAR plans to reduce stake in Turkey's Petkim -news agency (updated)

Petkim Petrokimya Holding

22/07/2015 18:54

(Adds comment from chairman of SOCAR Turkish unit) 
    BAKU, July 22 (Reuters) - Azeri state energy company SOCAR 
plans to sell part of its stake in Turkish petrochemicals 
company Petkim  PETKM.IS  to cash in on a rise in its share 
price, SOCAR's president was quoted as saying by Azeri news 
agency APA-Economics on Wednesday. 
    SOCAR-Turkey has built a 65 percent holding in Petkim since 
2007, most recently adding a 10 percent stake bought from the 
state in 2012. 
    "Petkim's share price rose to 4.35 Turkish lira ($1.60) per 
share from 1.8 Turkish lira in the past two years and that's why 
we would like to sell some of our shares." SOCAR President 
Rovnag Abdullayev told APA-Economics. 
    However, the chairman of SOCAR's Turkish unit, Kenan Yavuz, 
told Reuters that SOCAR has no intention of allowing its stake 
in Petkim to fall below the 51 percent controlling level. 
    "Petkim is the foundation of all our investments and we have 
a master plan concerning this until 2030," he said, adding that 
a sale was possible of shares bought on the stock market in 
2009/10. 
    "We have a 65 percent stake in the company and sometimes 
consider a sale that would not bring the stake below 51 percent. 
The timing of a sale has not been decided but could be 
considered this year," Yavuz said. 
($1 = 2.7112 liras) 
 
 (Reporting by Nailia Bagirova and Orhan Coskun in Ankara; 
Writing by Margarita Antidze and Daren Butler in Istanbul; 
Editing by Elizabeth Piper and David Goodman) 
 ((margarita.antidze@thomsonreuters.com; +995322999370; Reuters 
Messaging: margarita.antidze.thomsonreuters.com@reuters.net)) 
 
Keywords: SOCAR PETKIM/STOCKS