Turkish Petkim expands its port facilities

Oil&Gas Materials 29 January 2011 11:40 (UTC +04:00)

Azerbaijan, Baku, Jan. 29 / Trend E.Ismayilov /

The Turkish major petrochemical complex Petkim, in which the State Oil Company of the Azerbaijan Republic (SOCAR) has equity, is negotiating within the framework of the seaport, expanding project, a source in the complex said.

One of the most important advantages of the complex is a port and logistics capabilities for easier reach of the domestic market. The project on empowerment of the port and creation of a logistics center envisages investments in construction of new berths, container and tank terminals to meet the demand of a new refinery to be built to meet the needs of Petkim.

In November 2010 it was decided to develop the port, which provides for an increase in profitability.

"We are in talks with important companies in this sphere on the establishment of strategic partnerships," the source said.

Developing four directions, including petrochemicals, refining, and energy and logistics port, in Petkim it is planned to create an industrial park here.

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.