Privatization of Turkish Petkim petrochemical complex yields results higher than expected
Azerbaijan, Baku, May 21/ Trend , N.Ismaylova, E.Ismaylov /
The results obtained from the privatization of the large Turkish petrochemical complex Petkim were higher than expected, Head of the Privatization Department of Turkey Metin Kilchi said in Baku on May 21.
"After the privatization of Petkim, there are positive changes and I hope that the union of Petkim and SOCAR will be made important makes," said Kilchi.
Formerly the Turkish Administration for Privatization approved the alliance Socar/Turcas Petrol/Injaz Projects as the winner of the tender on the sale of the 51% share of Turkish Petrochemical Holding Petkim. 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%.
Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is only producer of these goods in Turkey exporting the fourth part of the output.
By 2015 SOCAR intends to increase the income of the enterprise to $4 billion from $1.9 billion today. Now the production capacity of the company amounts to 3.2 million tons. By 2015 this will rise to 6.3 million tons. Today, Turkey's needs for petrochemical products totals $6.1 billion, and this demand will grow annually by 11-12 percent. Today Petkim production covers about 25 percent of the market.
As a result of the measures planned to be taken in the future, the products of the petrochemical complex Petkim will cover 40 percent of the Turkish market. SOCAR has invested around $2 billion to develop the petrochemical complex Petkim, said earlier the Head of SOCAR Rovnag Abdullayev.Do you have feedback? Contact our journalist at: [email protected]