Investments in Petkim to increase to $500 million
Azerbaijan, Baku, Aug. 27 / Trend A. Taghiyeva /
The portfolio of investments in the Turkish petrochemical complex Petkim, in which SOCAR has an equity interest, will be increased to $500 million by 2015, SOCAR Turkey energy head and board member of the Petkim petrochemical complex Kenan Yavuz said in an interview with the Turkish edition of Para Dergisi today.
"At present, the volume of investments in Petkim is $250 million," he said. "The capacity of the complex was increased by 10 per cent through these investments. It is planned to invest $ 250 million more in Petkim till 2015."
He also stressed that around $300 million more will be invested in the construction of a new container port in the area of the Petkim complex. These funds are not included in the indicated package of investments.
On March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim, increasing SOCAR's stake in the company to 61.32 per cent. Some 38.67 per cent are in free circulation at the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.