Azerbaijan, Baku, Jan. 28 / Trend E.Ismayilov /
In 201, the large petrochemical complex Petkim, in which the State Oil Company of the Azerbaijan Republic (SOCAR) has an equity, will invest $ 100 million in productivity of own businesses, Company Head Hayati Ozturk said, the company reported.
According to him, the investments will be aimed at maximizing production capacity, upgrading technology and increasing productivity and reducing energy consumption.
Petkim Petrokimya Holding includes 16 companies, including companies producing ethylene, polyethylene, low density polyethylene, polypropylene, acrylonitrile, fragrances, ethylene and other petrochemical products.
Ozturk said the company achieved record levels of sales and production over the 45-year history.
Despite the fact that the global financial crisis has affected the production of petrochemicals in the world, Petkim completed production rates at 92 percent in 2010.
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.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC, detergents. It is the only Turkish producer of such products. The company exports a quarter of the production.