SOCAR intends significantly increase Petkim share at Turkish petrochemical products market

Azerbaijan, Baku, April 16 / Trend, E. Ismayilov /

After the construction of oil-processing plant of SOCAR (State Oil Company of Azerbaijan) in Turkey, the share of petrochemical complex Petkim at the Turkish market will reach 40 percent, SOCAR vice-president on processing David Mammadov said at a meeting with members of the Caspian-European Integration Business Club (CEIBC).

"Petkim, in which today we own a controlling stake, provides 24 per cent of the demand for petrochemical products in Turkey. After implementing the plan on construction of oil refinery for providing Petkim with feed stock, we can achieve 40-percentage share," - Mammadov said.

According to Mammadov, a new oil refinery in Turkey will be constructed within five years after receiving permission for construction. A feasibility study of the project has already been prepared, as well as the Turkish government approved a report on environmental impact. Currently, it is expected to submit a permit for construction of the oil refinery.

According to Mammadov, despite the fact that Petkim operates in a competitive conditions, the enterprise's work is effective, because Turkey - a country with a population of 80 million has only four oil refineries and one petrochemical plant.

Mammadov said that the main range of Petkim production are different types of polyethylene, pipes, special types of plastic coatings, polypropylene, glycols and other products. The total capacity of Petkim for plastics production is 1.2 million tons.

At present, Petkim operates almost at full capacity. Its capacity for ethylene is 520,000 tons per year, however, now it is able to produce 530,000-540,000 tons. In the future it is planned to increase production capacity of this type of product. According to calculations, without a significant investment it will be possible to increase production by 10-11 percent, Mammadov said

Currently, range of produced products is under review, and the range at the Turkish market will be expanded in case of need," - Mammadov said.

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.

Do you have any feedback? Contact our journalist at [email protected]

Armenia creating suicide squads consisting of prisoners sentenced to death
Armenia creating suicide squads consisting of prisoners sentenced to death
Azerbaijani, Russian FMs meet
Azerbaijani, Russian FMs meet
Azerbaijan's victory in Karabakh conflict beneficial to all parties, Russian expert says
Azerbaijan's victory in Karabakh conflict beneficial to all parties, Russian expert says
Loading Bars
No diplomatic way to resolve Karabakh conflict, admits Armenian PM
Georgia implementing new project to provide remote villages with internet
Actual revenues to Azerbaijan's budget from State Customs Service top forecast
SOCAR details plans for expanding gas distribution network in Georgia
Iranian Energy Exchange announces products to be on sale October 24
Compound feed producing plant to be commissioned in Almaty
Most Azerbaijani monuments in occupied territories Armenianized or destroyed
Georgia reveals TOP 5 banks with highest interest on loans
Uzbekistan reveals growth rate of investments spent in fixed assets for 9M2020
China's import of jewelry, precious stones from Turkey slumps
EU leaders to hold COVID-19 video-conference October 29
Iran's Persian Gulf Star Oil Company boosts its exports
Turkey increases export of jewelry to US - Ministry of Trade
Transfers by Azerbaijan's State Oil Fund to state budget for 9M2020 revealed
Union of Importers of Oil Products of Georgia talks adoption of new standard for diesel fuel
Subsidies for agriculture dev't allocated in Kazakhstan's Almaty region
Price of mobile internet down in Georgia
Data on sales in foreign currency at Turkmenistan’s exchange in September
Bahar Azadi gold coin price continues to fall in Iran
Fitch Ratings notes Georgia’s ability to comfortably meet its funding needs
Volume of paid salaries decreases in Georgia
Germany's 9M2020 import of Turkish jewelry shrinks
President Ilham Aliyev interviewed by Japan’s Nikkei newspaper (PHOTO)
Azerbaijan, Russia enhancing bilateral co-op on innovative dev't, digital economy
Uzbekistan resumes flights to UAE's Sharjah
Eni sets timeframe for wind farm construction in Kazakhstan
Azerbaijan itself implementing UN Security Council resolutions
Azerbaijan reveals state budget revenues, expenditures for 9M2020
Students of Baku Higher Oil School donate their scholarship allowances to Armed Forces Assistance Fund
Amount of investments made to launch of enterprises in Iran increases
Uzbekistan suspends gold export
Khazar Consortium opens tender for purchase of fire-fighting equipment
Georgia's import of tubes, pipes, hollow profiles from Turkey up
Three more UAVs of Armenia destroyed
Ambassador of Mexico met with Executive Director of SOFAZ
Russian entrepreneurs, well-known arm dealers involved in arming Armenia - President Aliyev
Uzbekistan considers state budget for 2021 taking into account COVID-19
Exports of knitwear from Georgia to Turkey down
Armenia creating suicide squads consisting of prisoners sentenced to death
UAE increases exports to Kazakhstan amid COVID-19
Chevron expresses will for further co-op with Kazakhstan in energy sector
Azerbaijani agency joins int'l public-private partnership association
Azerbaijani, Russian FMs meet
Exports of furniture, wood from Turkey to Turkmenistan increased
Nasdaq profit surges 76% on non-trading business strength
Georgian air company Air Georgia implements new project with United Arab Emirates
Weighted average rental rates reduce on Georgian main high streets
Azerbaijan's victory in Karabakh conflict beneficial to all parties, Russian expert says
Azerbaijan to build power supply stations in deoccupied districts
Geostat reveals volume of ferroalloys exported by Georgia to Turkey
EAEU reveals export of Turkmen vehicles
Georgia sees increase in export of flours, meals, pellets to Turkey
Operating performance of financial institutions improves in Georgia
Georgia reduces import of medicaments from Turkey
Wood, furniture exports from Turkey to Ukraine decline
Iran reveals its COVID-19 data for October 21
We drove Armenian army out of our lands so fast that they fling up their heels - President Aliyev
Azerbaijan confirms 176 more COVID-19 recoveries
Military equipment abandoned by Armenian army on battlefield (PHOTO / VIDEO)
President Ilham Aliyev on possibility of observers introduction
At the last moment Armenian refused to return Kalbajar and Lachin, says president of Azerbaijan
Iran restarts extraction from Sulabdar oil field
Azerbaijan reaffirms position on Lachin corridor which is part of fundamental principles - President Aliyev
President Aliyev says no country helping Azerbaijan in fight with Armenia
If Armenian side says it is ready to withdraw troops from occupied territories, issue of so-called observers can be considered - President Aliyev
Azerbaijan wants peace, also territories that rightfully belong to it - President Aliyev
Full responsibility for what is happening now lies squarely with Pashinyan, says Azerbaijani president
We are offered to make concession to Armenia, unilateral concession, while nothing being offered in return - President Aliyev
Azerbaijan ready to suspend military operations, resolve issue at negotiating table - President Aliyev
Armenia’s terrorist authorities must be punished – Azerbaijani MP (VIDEO)
Georgia, UK aim to strengthen business and commercial ties
Volume of market services in Uzbekistan’s transport sector remains predominant despite decrease
Azerbaijan to issue support for children who lost parents after Armenia's Ganja attack (PHOTO)
Turkey raised wood, furniture exports to Russia - Trade Ministry
Heads of Christian religious communities of Azerbaijan protest against draft resolution submitted to US Congress
TANAP named Project of the Year by US-based PMI
Eni Turkmenistan Limited opens tender related to data transmission services
Tajikistan's import of Turkish furniture down
Demand for Azerbaijani CBA's short-term notes exceeds supply
Value of goods exported from Iran's Sistan and Baluchestan Province revealed
Turkic Council condemns Armenia's attacks on populated areas, civilians in Azerbaijan
Azerbaijani ASB Bank's 3Q2020 assets down
Turkmen company considers opening production facility in Kazakhstan
Armenian aggression against innocents in Azerbaijan - condemnable offense, says Pakistani expert
Turkey's wood, furniture exports to Pakistan edge lower
Kazakhstan increases imports from Switzerland
Azerbaijan destroys another Armenian UAV - Defense Ministry
Azerbaijan's Prosecutor General's Office warns foreign citizens (VIDEO)
Georgia announces its plan about Tskaltubo spa resort
Azerbaijan reveals data on airfreight operations for 9M2020
"Together we are POWER": ENGINET supports injured children in Ganja city (FOTO)
Precious metal prices in Azerbaijan rising
Volume of gas pumped into Serajeh gas storage facility in Iran soars
Azerbaijan's railway cargo transportation down within 9M2020
Value of wood, furniture exports from Turkey to Uzbekistan down
Hungary reiterates its support for Azerbaijan's territorial integrity
Kazakh coal extracting venture opens tender to buy electricity generating unit
Kazakhstan’s Oil Construction Company to buy pipes via tender
Tashkent Stock Exchange's trade volume increases
State Commercial Bank of Turkmenistan holds another campaign to increase cashback
All news