Azerbaijan, Baku, June 2 / Trend , E.Ismayilov/
The Turkish Petkim petrochemical company, in which the State Oil Company of Azerbaijan Republic (SOCAR) owns shares, plans to build a new sea port within 5 years, Managing Director of the company Kenan Yavuz said on June 2.
"Within five years, we plan to build a new container port, which will be the largest port in Turkey," Yavuz said.
The volume of investment is about $150 million, investment in this project will be deposited regardless of investments to expand manufacturing facility, as well as in construction of a refinery in the company's territory, Yavuz said.
Yavuz said Petkim annually invests in the expansion of production amounting to about $100 million and these investments are made at the company's own expense. "We have to invest not via loans, we have absolutely no credit dept," Yavuz said.
Some 25 percent of the company's products are exported abroad, in particular - to the United States, Brazil, China and other countries.
Yavuz said this year, the company plans to make a profit at $150 million. Thus, the company's annual profits are about $150-200 million within 5 years.
"The Turkish domestic market of consuming petrochemical products is $8 billion, it should rise to $15 billion dollars by 2015 and we want to cover about 40 percent of the market," Yavuz said.
Yavuz said Petkim intends to acquire from SOCAR LPG propylene, which are used for the production of polyethylene. Petkim's need in LPG is around 300,000 tons per year.
Do you have any feedback? Contact our journalist at: [email protected]