Petkim Petrokimya Anonim Sirketi : Financial Statement For the Period From January to September 2023

CONVENIENCE TRANSLATION INTO ENGLISH OF CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG

ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2023

TOGETHER WITH INDEPENDENT AUDITOR'S REVIEW REPORT

CONTENTS		PAGE
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET	1-3
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS	4
CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER
COMPREHENSIVE INCOME ………………………………	………………... 5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY	6
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOW	7
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS FOR THE INTERIM PERIOD	8-48
NOTE 1	GROUP'S ORGANISATION AND NATURE OF OPERATIONS	8-9
NOTE 2	BASIS OF PRESENTATION OF CONDENSED CONSOLIDATED INTERIM
	FINANCIAL STATEMENTS	10-16
NOTE 3	SEGMENT REPORTING	16-18
NOTE 4	CASH AND CASH EQUIVALENTS	18
NOTE 5	FINANCIAL INVESTMENTS	19
NOTE 6	INVENTORIES	20
NOTE 7	TRADE RECEIVABLES AND PAYABLES	20
NOTE 8	BORROWINGS AND BORROWING COSTS	21-23
NOTE 9	PROPERTY, PLANT AND EQUIPMENT	24-25
NOTE 10	INVESTMENT PROPERTIES	26
NOTE 11	DEFERRED REVENUE	26
NOTE 12	PREPAID EXPENSES	27
NOTE 13	EMPLOYEE BENEFITS	27-29
NOTE 14	EQUITY	29
NOTE 15	TAX ASSETS AND LIABILITIES	30-32
NOTE 16	GENERAL ADMINISTRATIVE EXPENSES	33
NOTE 17	FINANCIAL INCOME/EXPENSES	33
NOTE 18	EARNINGS PER SHARE	34
NOTE 19	TRANSACTIONS AND BALANCES WITH RELATED PARTIES	34-41
NOTE 20	PROVISIONS, CONTINGENT ASSETS AND LIABILITIES	41-43
NOTE 21	NATURE AND LEVEL OF RISK DERIVING FROM FINANCIAL INSTRUMENTS	43-47
NOTE 22	EVENTS AFTER BALANCE SHEET DATE	47-48

CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET AS AT 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

		Unaudited	Audited
	Notes	30 September 2023	31 December 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents	4	3,836,416	13,251,675
Financial investments	5	488,720	1,176,533
Trade receivables		6,813,543	4,734,939
- Trade receivables from related parties	19	1,512,291	1,189,048
- Trade receivables from third parties	7	5,301,252	3,545,891
Other receivables		20,468	24,649
- Other receivables from related parties	19	411	-
- Other receivables from third parties		20,057	24,649
Inventories	6	4,943,367	4,383,080
Prepaid expenses		14,161,633	9,590,879
- Prepaid expenses to third parties	12	492,034	550,196
- Prepaid expenses to related parties	19	13,669,599	9,040,683
Derivative financial instruments		201,716	35,067
Other current assets		1,314,269	932,231
- Other current assets to third parties		1,314,269	932,231
Current tax assets	15	32,954	275,800
TOTAL CURRENT ASSETS		31,813,086	34,404,853
NON-CURRENT ASSETS
Financial investments	5	8,910	8,910
Derivative financial assets		86,262	31,660
Other receivables		16,645	13,257
- Other receivables from related parties	19	16,578	13,190
- Other receivables from third parties		67	67
Investment properties	10	10,779,082	5,626,240
Property, plant and equipment	9	14,758,577	11,946,193
Right of use assets		461,254	256,466
Intangible assets		92,684	90,119
Prepaid expenses		252,045	150,936
- Prepaid expenses to related parties	19	23,188	27,590
- Prepaid expenses to third parties	12	228,857	123,346
Deferred tax assets	15	2,544,374	2,113,631
Other non-current assets		35,182	20,687
- Other non-current assets related
to third parties		35,182	20,687
TOTAL NON - CURRENT ASSETS		29,035,015	20,258,099
TOTAL ASSETS		60,848,101	54,662,952

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET AS AT 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

		Unaudited	Audited
	Notes	30 September 2023	31 December 2022
LIABILITIES
CURRENT LIABILITIES
Short-term borrowings		14,441,015	15,582,657
- Short-term borrowings to third parties		14,334,718	15,516,181
- Bank borrowings	8	6,658,054	3,143,887
- Short term lease liabilities	8	38,505	23,618
- Other financial liabilities	8	7,638,159	12,348,676
- Short-term borrowings to related parties		106,297	66,476
- Short term lease liabilities to related parties	19	106,297	66,476
Short-term portion of long-term borrowings		2,868,155	10,143,918
- Short-term portion of long-term borrowings
to third parties		2,868,155	10,143,918
- Bank borrowings	8	2,868,155	543,418
- Bonds issued	8	-	9,600,500
Derivative financial instruments		-	8,239
Trade payables		5,245,513	4,407,481
- Trade payables to related parties	19	2,030,419	1,624,900
- Trade payables to third parties	7	3,215,094	2,782,581
Payables related to employee benefits		120,902	65,256
Other payables		22,904	17,922
- Other payables to related parties	19	87	87
- Other payables to third parties		22,817	17,835
Deferred revenue		949,495	322,491
- Deferred revenue from related parties	19	514,667	41,692
- Deferred revenue from third parties	11	434,828	280,799
Short term provisions		689,750	552,458
- Provision for employee benefits	13	687,153	545,020
- Other short term provisions		2,597	7,438
Other current liabilities		104,067	97,471
- Other current liabilities related
to third parties		104,067	97,471
TOTAL CURRENT LIABILITIES		24,441,801	31,197,893
NON-CURRENT LIABITIES
Long term financial liabilities		12,501,223	2,997,055
- Long term financial liabilities to third parties		12,137,793	2,736,793
- Bank borrowings	8	11,975,222	2,665,083
- Long-term lease liabilities to third parties	8	162,571	71,710
- Long-term borrowings to related parties		363,430	260,262
- Long term lease liabilities to related parties	19	363,430	260,262
Deferred revenue		1,185,736	837,688
- Deferred revenue from related parties	19	1,185,736	837,688
Long term provisions		788,096	517,708
- Provision for employee
termination benefits	13	788,096	517,708
Deferred income tax liabilities		341,697	53,356
TOTAL NON - CURRENT LIABILITIES		14,816,752	4,405,807
TOTAL LIABILITIES		39,258,553	35,603,700

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET AS AT 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

		Unaudited	Audited
	Notes	30 September 2023	31 December 2022
EQUITY
Equity attributable to
owners of the parent company		21,533,202	19,024,747
Share capital	14	2,534,400	2,534,400
Adjustment to share capital	14	238,988	238,988
Share premium		64,188	64,188
Other comprehensive (expense) not to be
reclassified to profit or loss		(315,965)	(247,450)
- Actuarial loss arising from defined benefit plan		(315,965)	(247,450)
Other comprehensive (expense/income to be
reclassified to profit or loss		(663,432)	(533,526)
- Currency translation differences		(870,689)	(569,211)
- (Loss) / Gain on hedge reserves		207,257	35,685
- (Loss) / Gain on cash flow hedges		207,257	35,685
Restricted reserves		646,142	642,300
Retained earnings		16,322,005	9,745,594
Net profit for the year		2,706,876	6,580,253
Non-controlling interest		56,346	34,505
TOTAL EQUITY		21,589,548	19,059,252
TOTAL LIABILITIES AND EQUITY		60,848,101	54,662,952

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE NINE-MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

		Unaudited	Unaudited	Unaudited	Unaudited
		1 January -	1 July -	1 January -	1 July -
		30 September	30 September	30 September	30 September
	Notes	2023	2023	2022	2022
PROFIT OR LOSS
Revenue		32,998,975	13,189,138	39,990,292	14,200,775
Cost of sales (-)		(30,912,886)	(11,462,166)	(35,933,347)	(13,277,010)
GROSS PROFIT		2,086,089	1,726,972	4,056,945	923,765
General administrative expenses (-)	16	(1,490,534)	(602,086)	(745,037)	(303,691)
Selling, marketing and distribution expenses (-)		(619,094)	(244,751)	(353,074)	(139,365)
Other operating income		2,086,762	565,413	1,882,931	568,705
Other operating expense (-)		(1,457,643)	(299,408)	(971,850)	(251,710)
OPERATING PROFIT		605,580	1,146,140	3,869,915	797,704
Income from investing activities		5,495,939	2,057,678	2,551,521	949,581
Expense from investing activities (-)		(255)	(19)	(85)	(37)
OPERATING PROFIT BEFORE
FINANCIAL INCOME/(EXPENSE)		6,101,264	3,203,799	6,421,351	1,747,248
Financial income	17	8,060,894	1,589,224	5,189,978	1,705,338
Financial expenses (-)	17	(11,671,528)	(2,720,560)	(6,707,928)	(2,256,454)
PROFIT BEFORE TAX
FROM CONTINUED OPERATIONS		2,490,630	2,072,463	4,903,401	1,196,132
Tax income/ (expense)
from continuing operations		206,875	273,090	877,040	311,642
- Current tax (expense)/ income	15	(13,583)	-	-	115,746
- Deferred tax (expense)/ income	15	220,458	273,090	877,040	195,896
PROFIT FOR THE PERIOD
CONTINUED OPERATIONS		2,697,505	2,345,553	5,780,441	1,507,774
PROFIT FOR THE PERIOD		2,697,505	2,345,553	5,780,441	1,507,774
DISTRIBUTION OF INCOME
FOR THE PERIOD
- Non-controlling interest		(9,371)	(72,263)	22,402	12,588
- Owners of the parent company		2,706,876	2,417,816	5,758,039	1,495,186
Earnings Per Share		1.0681	0.9540	2.2720	0.5900
- Earnings per Kr 1 number of 1 shares
from continued operations	18	1.0681	0.9540	2.2720	0.5900

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE NINE-MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

Unaudited	Unaudited	Unaudited	Unaudited
1 January -	1 July -	1 January -	1 July -
30 September	30 September	30 September	30 September
	2023	2023	2022	2022
OTHER COMPREHENSIVE INCOME
Items to be reclassified
to Profit or Loss	(98,694)	44,302	1,694	(15,680)
Currency translation differences	(280,172)	(51,764)	(91,503)	(59,283)
Other comprehensive (loss)/income
related with
cash flow hedges	241,972	135,207	116,496	54,503
Tax relating to (loss)/gain
on cash flow hedge	(60,494)	(39,141)	(23,299)	(10,900)
Items that will not to be Reclassified
to Profit or Loss	(68,515)	(67,514)	(24,262)	10,524
Gains (losses) on remeasurements
of defined benefit plans	(91,354)	(90,103)	(30,330)	13,152
Taxes relating to (loss)/gain from
remeasurents of defined benefit plan	22,839	22,589	6,068	(2,628)
OTHER COMPREHENSIVE EXPENSE	(167,209)	(23,212)	(22,568)	(5,156)
TOTAL COMPREHENSIVE INCOME	2,530,296	2,322,341	5,757,873	1,502,618
Attributable to:
Non-controlling interests	21,841	(64,720)	92,825	29,213
Owners of parent company	2,508,455	2,387,061	5,665,048	1,473,405

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE-MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

			Other comprehensive	Other
				(expense)/income	comprehensive
				not to be	(expense)/
				reclassified	income to be
				to profit	reclassified to
				or loss		profit or loss
				Actuarial loss								Equity
				arising from	(Loss)/gain							attributable to
		Adjustment to		defined	on cash	Currency					owners of	Non-
	Share	share		benefit	flow	translation	Share	Restricted	Net profit	Retained	the parent	controlling	Total
	capital	capital		plan	hedges	differences	premium	reserves	for the period	earnings	company	interests	equity
1 January 2022	2,534,400	238,988	(46,542)		(23,513)	(433,091)	64,188	417,325	5,451,706	4,518,863	12,722,324	(3,294)	12,719,030
Transfers	-	-	-		-	-	-	-	(5,451,706)	5,451,706	-	-	-
- Net profit for the period	-	-	-		-	-	-	-	5,758,039	-	5,758,039	22,402	5,780,441
- Other comprehensive income/
(expense)	-	-	(24,262)		63,274	(132,003)	-	-	-	-	(92,991)	70,423	(22,568)
Total comprehensive income	-	-	(24,262)		63,274	(132,003)	-	-	5,758,039	-	5,665,048	92,825	5,757,873
30 September 2022	2,534,400	238,988	(70,804)		39,761	(565,094)	64,188	417,325	5,758,039	9,970,569	18,387,372	89,531	18,476,903
1 January 2023	2,534,400	238,988	(247,450)		35,685	(569,211)	64,188	642,300	6,580,253	9,745,594	19,024,747	34,505	19,059,252
Transfers	-	-	-		-	-	-	3,842	(6,580,253)	6,576,411	-	-	-
- Net profit for the period	-	-	-		-	-	-	-	2,706,876	-	2,706,876	(9,371)	2,697,505
- Other comprehensive income/
(expense)	-	-	(68,515)		171,572	(301,478)	-	-	-	-	(198,421)	31,212	(167,209)
Total comprehensive income	-	-	(68,515)		171,572	(301,478)	-	-	2,706,876	-	2,508,455	21,841	2,530,296
30 September 2023	2,534,400	238,988	(315,965)		207,257	(870,689)	64,188	646,142	2,706,876	16,322,005	21,533,202	56,346	21,589,548

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE NINE- MONTH INTERIM PERIOD ENDED 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

			Unaudited	Unaudited
			1 January -	1 January -
		Notes	30 September 2023	30 September 2022
A.	Cash flows from operating activities:		224,700	1,910,591
Net profit for the period (I)		2,697,505	5,780,441
Adjustments related to reconciliation of (II)
net profit (loss) for the year:		(498,114)	(400,273)
Adjustments for depreciation and amortization		1,032,660	579,858
Adjustments for impairments/reversals
- Adjustments for impairment/(reversal) of inventories	6	(28,410)	29,934
Adjustments for provisions
- Adjustments for provision employment termination benefits		794,269	399,511
- Adjustments for provisions/(reversals)		(10,784)	15,215
Adjustments for interest income/(expense)
- Adjustments for interest income	17	(241,869)	(217,161)
- Adjustments for interest expense	17	2,021,658	1,045,307
Adjustments for unrealized foreign currency translation differences		1,303,401	830,345
Adjustments for tax expenses	15	(206,875)	(877,040)
Adjustments for gain on sale of property, plant and equipment		(6)	(1,089)
Adjustments for income from government incentives		(7,406)	(2,571)
Adjustments for fair value losses/(gains)
- Adjustments for fair value gains on financial assets	5	(1,910)	(137,881)
- Adjustments for fair value increase in investment properties	10	(5,152,842)	(2,064,701)
Changes in working capital (III)		(1,490,991)	(2,736,139)
Adjustments related to decrease /(increase) in trade receivables		(1,657,179)	770,551
Adjustments related to decrease /(increase) in other receivables		793	(3,239)
Adjustments related to increase in inventory		(610,387)	(1,174,681)
Adjustments related to (increase) in prepaid expenses		(400,738)	(443,550)
Adjustments for (decrease) /increase in trade payables		646,741	(1,314,669)
Adjustments for (decrease) /increase in other payable		(14,481)	2,931
Change in derivative financial instruments		34,728	(14,009)
Adjustments related to increase in payables to employees		42,546	36,473
Increase /(decrease) in deferred income other than contract liabilities		581,122	77,769
Adjustments for other (decrease) in working capital		(114,136)	(673,715)
Cash flows from operating activities (I+II+III)		708,400	2,644,029
Employee termination benefits paid		(437,163)	(234,245)
Income taxes (paid)		(46,537)	(499,193)
B.	Cash flows from investing activıties		(1,231,501)	(3,850,589)
Proceeds from sale of property, plant and equipment		723	1,274
Cash outflows from purchases of property, plant and equipment	9	(1,816,454)	(1,736,620)
Other cash advances and payables given		(105,493)	(347,336)
Other cash outflows		689,723	(1,767,907)
C.	Cash flows from financing activities		(8,482,056)	5,972,831
Proceeds from borrowings	8	13,216,257	2,176,163
Repayments of borrowings	8	(3,852,412)	(2,174,559)
Proceeds from other financial liabilities	8	4,756,976	8,939,666
Repayments of other financial liabilities	8	(11,155,395)	(2,193,452)
Repayments of bond issues	8	(9,363,586)	-
Proceeds from other payables to related parties		2,020,040	-
Repayments to other payables to related parties		(2,020,040)	-
Principal payments for lease liabilities		(226,106)	(98,637)
Interest paid		(2,099,659)	(809,496)
Interest received		241,869	231,757
Other cash outflows		-	(98,611)
D.	Net increase /(decrease) in cash and cash equivalents
	before foreign currency translation differences (A+B+C)		(9,488,857)	4,032,833
E.	Effect of currency translation
	differences on cash and cash equivalents		73,598	131,662
Net increase/ (decrease) in cash and cash equivalents (D+E)		(9,415,259)	4,164,495
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD	4	13,251,675	3,665,331
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD	4	3,836,416	7,829,826

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

CONVENIENCE TRANSLATION INTO ENGLISH OF FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH

PETKİM PETROKİMYA HOLDİNG ANONİM ŞİRKETİ AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR THE NINE-MONTHS PERIOD ENDED 30 SEPTEMBER 2023

(Amounts expressed in thousands of Turkish Lira ('TRY') unless otherwise indicated.)

NOTE 1 - GROUP'S ORGANISATION AND NATURE OF OPERATIONS

Petkim Petrokimya Holding A.Ş. ('Petkim' or 'the Company'), was established on 3 April 1965. The Company started its investment activities in İzmit-Yarımca and initially established the Ethylene, Polyethylene, Chlorine Alkali, VCM and PVC plants in 1970 in the Yarımca Complex and in the following years, construction of other plants continued. In 1985, Aliağa Petrochemical Complex was established with advance technology and optimum capacity. The Company has 14 main plants, 1 bag production unit and 1 solid waste incineration facility. The Company operates its facilities in the petrochemical sector in Turkey.

The major operations of the Company and its subsidiaries are as follows:

• To establish and to operate factories, plants in Turkey home or abroad in relation to the petro- chemistry, chemistry and such other industrial sectors,
• To process and to treat the raw materials and supplementary/auxiliary substances, materials and chemicals necessary for the production of petrochemicals, chemicals and such other materials/substances by procuring such materials/substances either from Turkey or abroad, to produce such materials/substances, and to carry out and to perform the domestic and international trading thereof,
• In accordance with the Law 4628 on the Electricity Market, and the related legislation thereto, to establish power plants as per the auto-producer's license in order to meet its own need for electricity and heat/thermal energy at first, to generate electricity and heat/thermal energy, to sell the generated electricity and heat/thermal energy and/or the capacity to other legal persons holding the requisite licenses or to the eligible consumers as per the mentioned legislation in case of any surplus production, and to carry out and to perform the activities in relation to the obtainment of any and all kinds of equipment and fuel in relation to the electricity power/generating plant provided that such activities are not of commercial nature,
• To carry out and to perform the activities in relation to the importation or purchase from domestic resources, of natural gas on wholesale and retail basis, utilization, storage of natural gas imported and purchased, in accordance with the legislation thereto,
• To carry out and to perform pilotage, trailer and mooring activities, to operate ports, cruise ports, passenger terminals, seaports, docks, harbors, berths, liquid fuel/liquefied petroleum pipeline and buoy systems, and such other similar onshore facilities/plants, and to be involved in port management activities, to offer port, agency, provision, bunkering services, and to provide that such services are offered by third parties either by way of leasing or such other methods when required, and to purchase, to have built and to lease, to sell the necessary vessels/naval platforms, and to establish either domestic or international partnerships in relation thereto, to operate warehouses, and to offer warehousing services,
• To support and to donate to the foundations, associations, educational institutions, which have been established for social purposes, and to such other persons, institutions and organizations in accordance with the principles prescribed by the Capital Markets Board.

The 'Share Sales Agreement', with respect to the sale of 51% of shares of Petkim Petrokimya Holding A.Ş. (which has been in the privatization process for several years) to SOCAR & Turcas Petrokimya A.Ş. ('STPAŞ'), 44% of which previously owned by the Republic of Turkey Ministry Privatization Administration ('Administration') and 7% State Pension Fund ('Emekli Sandığı Genel Müdürlüğü') transferred to Republic of Turkey Social Security Institution, was signed on 30 May 2008.

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