Azeri SOCAR to sell its shares in Turkey's Petkim

SOCAR Turkey, the Turkish branch of Azeri energy giant State Oil Company of Azerbaijan Republic (SOCAR), announced that it applied to the Borsa Istanbul for the sale of some of its stakes in the Petkim petrochemical firm. The announcement, delivered on the Public Disclosure Platform (KAP) said: "In accordance with Article 11, Clause 4 of the law no. II-15.1 of ‘Exceptions Communique' of the Capital Markets Board of Turkey, we are to apply to Borsa Istanbul General Directorate for the sale of some of our stakes in Petkim Company in the wholesale market on June 8, 2015 or in the following days." Founded in 1965 as the first petrochemical plant of Turkey, Petkim was sold to SOCAR Turkey with a block sale model during a privatization tender on May 30, 2008.