Head: Petkim holding to put additional investment in Turkish economy

Photo: Head: Petkim holding to put additional investment in Turkish economy / Oil&Gas

Baku, Azerbaijan, Feb.10

By Rufiz Hafizoglu - Trend:

Petkim petrochemical holding will invest an additional $8 billion over the next five years in the Turkish economy, director of Petkim, Sadetdin Korkut said, Turkish Hurriyet newspaper reported on Feb.10.

The additional investments will contribute to the country's economic development, according to the director.

Around $400 million will be invested in the construction of a port planned to be completed in 2015. To date, nearly 42 percent of infrastructure of Petkim's container port, moreover, about 82 percent of earth-moving works have already been completed.

Turkish petrochemical complex Petkim and Dutch company APM Terminals signed an agreement on construction of a container port with the capacity of 1.5 million TEU in March 2013.

The port capacity will exceed the capacity of the Aslandzhak port by about 50 percent. Depending on the needs of the market, its capacity will be increased up to 3 million TEU.
APM Terminals Company will be entitled to manage the port for 28 years.

Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents, being the only Turkish producer of such products. The holding exports a quarter of its products.

Earlier, SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent. Some 38.68 percent of the shares are in free circulation on the Istanbul Stock Exchange.

Translated by L.Z.

Edited by C.N.

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