CASPIAN OIL & GAS - Head of Petkim arrested in Turkey

Head of Petkim arrested in Turkey


The head of the largest petrochemical company Petkim, Sadeddin Korkut, was arrested in Istanbul. For some time now the company's controlling stake belongs to Azerbaijan, but rather the State Oil Company (SOCAR).

As the agency Anadolu said, Korkut and a group of employees of the company are accused of having links with the organization Hizmet headed by Fatullah Gulen.

The premises of Petkim were raided and documents were confiscated. Two hundred employees of the local petrochemical and energy complex are also accused of having links with Hizmet and have been subjected to legal proceedings.

In turn, SOCAR has informed that Anar Mammadov, who previously headed the division of SOCAR Trading in Greece, has been appointed new CEO of Petkim today.

The controlling stake in Petkim (61.32%) belongs to SOCAR Turkey Energy A.S. and SOCAR International DMCC OGG. Another 38.68% is in a free float on the Istanbul Stock Exchange.

Petkim produces polymers, detergents, plastic packaging, fabric, etc. The revenue of Petkim Petrokimya amounted to almost $ 1.6 billion in 2013, and its net profit was $ 41 million.