Petkim to cover 50 percent of Turkish market: managing director

Business Materials 2 June 2009 15:10 (UTC +04:00)

Azerbaijan, Baku, June 2 / Trend , E.Ismayilov/

Revenues of the Turkish petrochemical complex Petkim will amount to $1.5 billion in 2009 compared to $2 billion last year, Managing Director of Petrochemical Holding Petkim Kenan Yavuz told Trend on June 2.

He said the loss of income is connected with falling prices of petrochemical products on world markets. By 2015, revenues of the company will be around $10 billion, Yavuz said.

Yavuz said Petkim will become one of the largest in Europe due to the integration of the petrochemical complex and refinery with the company.

Yavuz said a production capacity of petrochemical complex is about 3 million tons a year, which covers 25 percent of the Turkish market.
"Our primary goal is to increase production capacity of up to 6 million tons per year by 2015, which will enable us to cover 40-50 percent of the Turkish market," Yavuz said.

He said the State Oil Company of Azerbaijan Republic (SOCAR) should build a refinery in the Petkim by 2018, whose minimum production capacity will be 10 million tons per year.

"By implementing this project, we will provide a set of petrochemical and refinery industries, thus making Petkim as the centre of petrochemical refineries and energy logistics," Yavuz said.

As the plant will be built in the petrochemical industry, there is an infrastructure to begin building oil refineries, he said. Because of this infrastructure, its construction costs will be by 40 percent cheaper.

"If the construction of oil refinery in Ceyhan or elsewhere could cost $7 billion, the construction of a factory in Petkim will cost $4-5 billion," Yavuz said.
Financing the construction of oil refineries will be implemented by SOCAR Turcas. Construction is scheduled to begin late 2010

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