Azerbaijan, Baku, 25 September / Trend / The State Oil Company of Azerbaijan (SOCAR) considers the possibility to acquire assets of oil refinery in Europe, the SOCAR President, Rovnag Abdullayev, said, not calling the country where this enterprise is located.
He said all investments of the company outside Azerbaijan are realized at the expense of the credits of the international financial institutions. SOCAR's own funds are not involved in this regard.
The State Oil Company of Azerbaijan (SOCAR) in alliance with Turcas Petrol and Injaz Projects purchased 51% stocks of the Turkish Petkim petrochemical holding. The SOCAR President Rovnag Abdullayev said that the company intends to double the raw material supply to the holding.
For this purpose, the construction of a new oil refinery with a capacity of 10mln tons is planned to begin next year. The projecting of this enterprise will be completed by the end of this year.
SOCAR intends to improve the yield of the enterprise to $4bln from $1.9bln by 2015. Petkim's production capacity is 3.2mln tons. This figure will rise to 63mln tons by 2015. Turkey's demand in petrochemical products has totalled $6.1bln and it will be annually rising by 11-12%. Petkim's production covers about 25% of Turkey's market.
SOCAR/Turcas/Injaz acquired 51% shares of the holding for $2.04bln. Turkey currently imports 70-75% of the necessary chemical products and the investments of SOCAR/Turcas/Injaz in development of Petkim will enable increase of the import up to 30%.
Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is the only producer of these goods in Turkey, exporting one fourth part of its output.
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