Petkim works to increase production capacity
Azerbaijan, Baku, April 5 / Trend E.Ismayilov /
The volume of the Turkish Petkim petrochemical complex's investments, which is co-owned by the State Oil Company of the Azerbaijan Republic (SOCAR), will hit $130 million in 2011, the company reported.
The funds will be directed toward developing a chemically cross-linked polyethylene (XLPE) production plant. The material is used as the basis for cable manufacturing, as well as butadiene fraction, which serves as the basis for rubber production.
The investments will also be aimed at increasing production capacity, upgrading technology, increasing productivity and reducing energy consumption.
The company's net profit totaled 130 million Turkish lira in 2010 compared to114 million lira in 2009. Petrochemical products worth 531 million lira were exported compared to 347 million lira in 2009.
Total sales amounted to 2.91 billion lira, or up by 41 percent compared to 2009.
In 2008, the alliance between SOCAR and Turcas Petrol / Injaz Projects won a tender to buy 51 percent stake of chemical concern, offering $2.04 billion. Now Turkey imports 70-75 percent of its demanded chemical products. Investments in the development of Petkim will reduce imports by 30 percent.
The 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.