SOCAR: Petkim share to grow in Turkish petrochemical market
Azerbaijan, Baku, Nov.28 / Trend, A.Akhundov /
Share of Petkim petrochemical complex, in which the State Oil Company of Azerbaijan (SOCAR) has a share, will increase up to 40 percent in Turkish domestic market, SOCAR Foreign Investments Department head Vagif Aliyev said at Azerbaijani-Turkish Business Forum held in Baku on Monday.
He said at present, Petkim's share in petrochemical market hits 25 percent, but as a result of the work carried out it will increase up to 40 percent.
New oil refinery, which is now under construction, will play great role in increasing Petkim's share in the Turkish market.
The new oil refinery's capacity will hit 10 million tons per year.
The alliance between SOCAR and Turcas Petrol /Injaz projects resulted in them winning a tender in 2008 to buy a 51 per cent stake in various chemical projects worth $2.04 billion.
Now Turkey imports 70 to 75 per cent of its chemical products. Investments in the development of Petkim will reduce that figure by 30 per cent.
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 its production.