Baku, Azerbaijan, April 29
By Emil Ismayilov - Trend:
Turkish petrochemical complex Petkim will increase the capacity of its ethylene and pure terephthalic acid (PTA) producing enterprises before late 2014.
Azerbaijan's State Oil Company (SOCAR) owns a 61.32 percent stake in Petkim.
The annual capacity of these enterprises is planned to be increased from 3.2 million tons to 3.6 million tons, according to a message from the petrochemical complex.
Petkim, which includes 15 major factories and seven auxiliary units, will invest $138 million for expansion of the capacity.
Some 58 million Turkish liras were invested in the first quarter of 2014 to increase the capacity and efficiency of Petkim's enterprises, according to the message.
SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent on March 30, 2012.
Some 38.68 percent of the shares are in free circulation in the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents being the only Turkish producer of such products and exports a quarter of its products.
The official exchange rate on April 29 is 2.1313 TL/USD.
Translated by E.A.
Edited by C.N.