Profits of SOCAR's petrochemical company in Turkey predicted at $150mn

Azerbaijan, Baku, July 8 / Trend , E. Ismaylov /

This year's profits of Turkish petrochemical company, in which the alliance of SOCAR (State Oil Company of Azerbaijan) /Turcas Petrol/Injaz Projects has a 51 percent share, are predicted at about $150 million, said a senior representative of SOCAR.

In 2009 the alliance of SOCAR/Turcas/Injaz/ Projects, which acquired 51% share of Petkim chemical concern, will invest $50 million in the complex.

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.

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