Azerbaijan, Baku, Oct.15 / Trend, E.Ismayilov /
Investment plans of a major petrochemical complex Petkim, whose co-owner is the State Oil Company of Azerbaijan, serve an aim of reducing the overall share of goods imported by Turkey, the Turkish Industry and Trade Minister Nihat Ergun said while visiting Petkim.
"As a government, which sees Petkim as a symbol of the Turkish-Azerbaijani brotherhood, we are closely following the complex's investment plans. [...] We provide full support to local producers and production to reduce the amount of imports of intermediate goods, which makes 75 percent of total imports. We are pleased that the Petkim's investment plans serve this purpose," Petkim quoted Ergun as saying.
Ergun also positively assessed SOCAR & Turcas's activity within the plans to build a new refinery to meet Petkim's raw material needs.
In 2008, the alliance between SOCAR and Turcas Petrol / Injaz Projects has won a tender to sell 51 percent stake of chemical concern Petkim, offering $2.04 billion. Now Turkey imports 70-75 percent of the necessary chemical products. Investments of SOCAR / Turcas / Injaz to the development of Petkim will reduce imports by 30 percent.
Earlier SOCAR's representative said the laying of an oil refinery in Turkey is scheduled for summer of 2011. According the plant, construction work will be completed by 2014. The new plant's capacity will be 10 million tons per year. Four million tons will be supplied to meet Petkim's raw material needs. The remaining amount, particularly diesel and jet fuel and other energy resources, will be sold on the Turkish and European markets.