Turkish minister: Investing in Petkim will reduce imports of petroleum products

Oil&Gas Materials 4 October 2010 12:49 (UTC +04:00)

Azerbaijan, Baku, Oct. 4 / Trend E.Ismayilov /

The investment plans of the large Turkish petrochemical complex Petkim, in which the Sate Oil Company of the Azerbaijan Republic (SOCAR) has shares, would reduce the volume of oil imports and increase the capacity of the complex, Turkish Energy and Natural Resources Minister Taner Yldyz said during a visit to the complex, Petkim told Trend.

During the visit, Yildiz reviewed the company's projects for 2015, 2020 and 2040. The government and the energy ministry are closely monitoring the investments in Petkim.

He said the new refinery to be built near Petkim and ensure its demand in raw materials will ensure reliable raw material base, which is now imported.

SOCAR's alliance with Turcas Petrol / Injaz Projects has won a tender in 2008 to sell 51 percent stake of chemical concern Petkim, proposing $2.04 billion. Turkey imports 70-75 percent of the necessary chemical products. Investments of SOCAR / Turcas / Injaz made to the development of Petkim will reduce imports by 30 percent.

Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC, detergents. It is the only Turkish producer of such products. It exports a quarter of products.

SOCAR / TURCAS Rafineri AS received a license from the regulator of the energy market in Turkey for the construction of the refinery in early June. Capacity of the new plant will be 10 million tons per year, of which 4 million tons will be delivered to the needs of Petkim in raw materials. The rest part, in particular diesel fuel, jet fuel and other energy resources will be sold on the markets of Turkey and Europe.

About $5 billion will be invested in the construction of new refinery, Executive Director of SOCAR / TURCAS Kenan Yavuz said earlier.

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