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Petkim: Construction of new oil refinery in Turkey due to start in 2011

Oil&Gas Materials 26 May 2011 12:21 (UTC +04:00)
Construction of a new oil refinery in Turkey to meet the needs of the Petkim petrochemical complex, in which the State Oil Company of the Azerbaijan Republic (SOCAR) has equity, will start this year, Petkim said on Wednesday.

Azerbaijan, Baku, May 26 / Trend, A.Akhundov, E. Ismailov /

Construction of a new oil refinery in Turkey to meet the needs of the Petkim petrochemical complex, in which the State Oil Company of the Azerbaijan Republic (SOCAR) has equity, will start this year, Petkim said on Wednesday.
"Last year a relevant permission was received and construction should begin this year. In 2014, construction of the plant will be completed," the source said.
He also said this year volume of the Petkim complex's chemical production is expected to reach last year's volume. "This year a slight growth is only possible in the production of polyethylene," the source said.
He said production volumes which are similar to last year are associated with the same amount of investment in the complex's development.
"However, a growth of investments is expected in subsequent years," he stressed.
In 2010, product output by enterprises, which are part of the Turkish major petrochemical complex Petkim amounted to 3.24 million tons compared to about 2.96 million tons in 2009. In 2010, capacity loading of the enterprises that are part of the Petkim hit 99 percent.
Last year, Petkim's net profit totaled 130 million Turkish lira compared to 114 million lira in 2009. In 2010, the petrochemical products were exported in the amount of 531 million liras compared to 347 million lira in 2009.
Total sales last year amounted to 2.91 billion lira, which is 41 percent more than the previous year's indicator.
In 2008 the alliance between SOCAR and Turcas Petrol / Injaz Projects won a tender to buy a 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 and detergents. It is the only Turkish producer of such products. The company exports a quarter of the production.

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