Azerbaijan, Baku, Jan. 8 / Trend A.Tagiyeva /
New investments will result in an increase of production capacity at the ethylene plant under petrochemical complex Petkim by 13 per cent, general manager of Petkim Sadettin Korkut said in a press release issued by the complex on Tuesday says.
Alongside the plant capacity, the production of pure terephthalic acid will be increased from 70,000 tons per year to 105,000 tons.
Due to new investment the power capacity of the petrochemical complex will increase from 3.2 million tons to 3.5 million tons per year. This means Petkim production costs will be significantly reduced upon completion of the investment process.
Prior to 2015, it is planned to invest about six billion dollars in the complex.
Earlier in a report issued by the Turkish Public Disclosure Platform (Kamuoyunu Aydınlatma Platformu KAP) it was announced that Turkey has issued a certificate to the Petkim petrochemical complex for tax incentives within its investment encouragement programme.
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 per cent is envisaged and the complex is exempt from VAT and custom duties within the programme.
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 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 on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such products, a quarter of which the company exports.