SOCAR grows Petkim stake

Oil&Gas Materials 5 July 2011 16:53 (UTC +04:00)

Azerbaijan , Baku, July 5 / Trend A. Akhundov /

The State Oil Company of the Azerbaijan Republic (SOCAR) plans to increase its stake in the joint venture SOCAR & Turcas from 51 to almost 75 percent.

It governs the largest Turkish petrochemical complex, Petkim, Petkim said.

The equity is planned to be increased by buying 223.98 percent stake from Aksoy Holding.

Petkim's capacity will increase from the present 3.2 million tons up to 6-6.5 million tons by

2020, Petkim Petrokimya Holding General Director Hayati Ozturk said earlier.

The construction of a refinery is planned to be completed by 2015.

The refinery will provide the complex with a range of raw materials. It is planned to complete

construction of a wind park on power generation with capacity of 25 megawatts.

The port complex will be constructed within four years. It will include a tank farm, as well as

the container terminal with a capacity of 1.2 million TEU.

The investments required to carry out the work before 2015 will amount to $6 billion, of which

over $300 million will be invested by the complex and the rest by SOCAR-Turcas.

The alliance between SOCAR and Turcas Petrol / Injaz Projects won a tender in 2008 to buy a 51 percent stake in chemical projects, offering $2.04 billion.

The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It

is the only Turkish producer of such products and exports a quarter of the production.