SOCAR Announces Forecasts on Re-payment of Credits within Project of Petrochemical Holding in Turkey

Oil&Gas Materials 18 September 2008 20:40 (UTC +04:00)

Azerbaijan, Baku, 18 September /corr. Trend E.Ismaylov / The payment of all debts on the credits within the framework of the project of the Turkish petrochemical holding Petkim and bringing this enterprise to the profitableness in accordance with the business- plan, prepared by international financial institutes is forecast for 2020, the representative of the State Oil Company of Azerbaijan said on 19 September.

SOCAR/Turcas/Injaz acquired 51% share of the holding at $2.04bln. Two power stations operation coal and gas will be built at the basis of the enterprise.

Turkey currently imports 70-75% of the necessary chemical products, but after 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 totals 12%.

Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is the sole producer of these goods in Turkey, exporting one fourth part of its output.

SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim to supply raw material to the enterprise. Initially the capacity of the refinery will make 6-8mln tons of oil per year.

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