Petkim to establish new enterprise
Baku, Azerbaijan, Oct. 21
By Maksim Tsurkov - Trend:
Turkish petrochemical complex Petkim will establish an enterprise for the production of high-tech engineering plastics and chemicals, the Turkish state body on public alert (Kamuoyunu Aydınlatma Platformu KAP) said Oct. 21.
A company called Petkim Specialities Mühendislik Plastikleri Sanayi ve Ticaret A.Ş. (Petkim specialities) is a 100-percent subsidiary of Petkim.
"Petkim Specialities will use the assets of the plastic production plant with a capacity of 14,000 metric tons per year, as part of Petkim, to carry out its activity," the statement said.
"The company initially plans to invest up to $5 million to increase the plant's capacity to 24,000 metric tons of plastics per year. The company will acquire new machinery and equipment with a capacity of 10,000 metric tons per year."
SOCAR has 61.32-percent share in Turkey's Petkim Petrochemical Holding.
Petkim produces plastic packages, fabric, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The rest of the complex shares are in free circulation on the stock exchange.
Edited by CN
follow the author on Twitter: @MaksimTsurkov