Turkey provides investment incentives to Petkim petrochemical complex

Oil&Gas Materials 7 January 2013 18:35

Azerbaijan, Baku, Jan. 7 / Trend, A. Tagiyeva /

Turkey has issued a certificate to the Petkim petrochemical complex for tax incentives within its investment encouragement program, Turkish Public Disclosure Platform (Kamuoyunu Aydınlatma Platformu KAP) said on Monday.

According to the report of KAP, the complex appealed to the Turkish Economy Ministry with a request for incentives to increase production capacity and manufacture new products.

A simplification of tax up to 90 percent is envisaged and the complex is exempt from VAT and custom duties within the program.

In addition, Turkey will pay the minimum amount of insurance to workers within a period of seven years.

Earlier, on March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent are in free circulation at the Istanbul Stock Exchange.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents. It is the only Turkish producer of such products, a quarter of which the company exports.