Azerbaijan, Baku, Feb.12 / Trend, A.Akhundov /
Turkish petrochemical complex Petkim, co-owned by joint venture SOCAR-Turcas, starts its cooperation with one of the leading port operators in the world - APM Terminals, the Turkish Milliyet newspaper reported on Saturday.
An initial agreement, under which the Dutch company will serve container port of Petkim for long term, will be signed between Petlim (a subsidiary of the holding) and APM Terminals in Istanbul.
The signing ceremony will be attended by President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev, SOCAR-Turcas board member Kenan Yavuz, Petkim CEO Hayati Ozturk, Deputy Director of APM Terminals Martin Poulsen and APM Terminals Director for Port Investments for Europe John Trenchard.
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.
At present, capacity available at the complex is over 500,000 tons of ethylene, and it is planned to increase its capacity up to 600,000 tons.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.