Azerbaijan, Baku /corr. Trend S.Aliyev / The State Oil Company of Azerbaijan (SOCAR) considers ceasing the transfer of 51% share of Turkish Petrochemical Holding Petkim according to the lawsuit of trade union Petrol Is as the subject of the relations between Petrol Is and Turkish Administration for Privatization.
The Turkish Administration for Privatization approved the alliance Socar/Turcas Petrol/Injaz as winner of the tender on sale of 51% share of Turkish Petrochemical Holding Petkim on 22 November.
"The SOCAR is prepared to accept the closing decision of the Turkish Government within the law," the SOCAR stated.
Investments by the alliance SOCAR/Turcas/Injaz for modernizing the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in the market of Turkey from the current 27% to 40%. The investments of the alliance over the next 1-2 years may make up $50-60bln.
Turkey currently imports 70-75% of the necessary chemical products, but developing Petkim, the investment alliance SOCAR/Turcas/Injaz will provide an opportunity to increase the import up to 30%. The annual increase of chemical product demand in Turkey makes up 12%.
Investments may pay for themselves in the next 5-6 years, everything will depend on the market, the SOCAR reported. SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim for supplying raw material to the enterprise. Initially the capacity of the refinery will make 6mln tons of oil per year.