Five more petrochemical holdings should be constructed to meet Turkey’s needs

Oil&Gas Materials 31 January 2012 17:55 (UTC +04:00)

Azerbaijan, Baku, Jan.31/ Trend, A. Taghiyeva /

Five more enterprises, such as petrochemical holding Petkim, are necessary to be built to meet Turkey's growing needs by 2023, the Zaman newspaper quotes SOCAR Turkey Enerji director Kenan Yavuz (subdivision of SOCAR, which owns the holding company) as saying.

Yavuz said it is necessary to provide local output with all components to arrange domestic car production in Turkey, and it needs constructing some more petrochemical plants.

He stressed that at present 20 percent of the current account deficit of payment balance of Turkey accounts for oil products import. Thanks to the expansion of the Petkim holding, this figure will fall sharply in 2015, Yavuz said.

He also said that implementation of the project to increase ethylene production, which will cost $90 million, completed in 2014.

SOCAR is a party in the joint venture - co-owner of the Petkim petrochemical complex. Previously, SOCAR Turkey Enerji began construction of a new oil refinery in Turkey to meet Petkim's needs of raw material.

A ceremony laying the foundations of a petrochemical complex Petkim took place in the Turkish city of Izmir on Oct.25, 2011.

The new oil refinery will primarily focus on providing this complex with raw material. The amount of investment needed to build the oil refinery will hit $5.5 billion, and the total capacity, 10 million tons. Oil products produced at the plant will be used to meet Petkim and the Turkish domestic market's needs, as well as countries of the Mediterranean region.