Petkim has acquired a 30 percent stake of Rafineri Holding, a shareholder in a petrochemical refinery, which is currently being built in Aliağa, İzmir, at $720 million from its controlling owner SOCAR Türkiye Enerji A.Ş.

According to the statement released by the company to the Public Disclosure Platform (KAP), the 30 percent stake in Rafineri Holding corresponds to the 18 percent indirect share in the STAR refinery.

The sale is expected to close on March 31, 2019, following the required permits. The share purchase price will be paid in three installments.

Accordingly, the first installment will be paid with the signing of the share transfer agreement, while the second payment will be made when the tests are initiated for the commissioning of the STAR refinery and the last payment will be made at the date of the share transfer.