Alliance of companies attended by SOCAR to invest $50mln in Turkish petrochemical complex Petkim

Oil&Gas Materials 6 June 2009 16:57 (UTC +04:00)

Azerbaijan, Baku, June 6 / Trend , E.Ismaylov /

SOCAR (State Oil Company of Azerbaijan) in alliance with Turcas Petrol/Injaz Projects, under the conditions of the tender, as a result of which the alliance acquired 51 percent of the shares of Turkish petrochemical complex Petkim, will invest $50 million in the complex, a senior representative of SOCAR said.

The alliance of companies won the tender last year.

Managing director of the complex Kenan Yavuz said earlier that this year there are plans to make profit at $150 million. So, over the next five years, annual profits will total nearly $150-200 million.

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

SOCAR intends to by 2015 increase the volume of the incomes of this enterprise to $4 billion from $1.9 billion today. Now the production capacity of this holding is 3.2 million tons. By 2015 this index will grow to 6.3 million tons. Today the needs of Turkey for the petrochemical production equal $6.1 billion, and this demand will annually grow 11-12 percent. Today the production of Petkim covers nearly 25 percent of the market of Turkey.

As a result of the measures planned to be taken, the production of Petkim will cover 40 percent of the Turkish market. SOCAR invested approximately $2 billion in the development of petrochemical complex.

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