SOCAR to invest $100 million in Turkish Petkim petrochemical complex in 2011
Azerbaijan, Baku, July 21 / Trend /
The volume of investments of the State Oil Company of Azerbaijan (SOCAR) in the Turkish Petkim petrochemical complex, in which SOCAR has a share, will hit $100 million in 2011, SOCAR Head of the Investments Department Vagif Aliyev said at a meeting with Turkish journalists in Baku.
Construction of a large container terminal is planned, along with a new systemic power plant for wind energy regeneration that will enable fully meeting the enterprise's electricity needs and increase Petkim production and sales.
According to a statement by SOCAR, Aliyev also stressed that work is currently underway for the construction of an oil refinery in Turkey, which will be located in the Petkim industrial area.
Construction of the plant will meet the petrochemical complex's needs in raw materials, as well as enable selling finished products on the Turkish market.
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. 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 and exports a quarter of production.