Baku, Azerbaijan, April 7
By Emil Ismayilov - Trend:
The State Oil Company of Azerbaijan (SOCAR) will invest nearly $7 billion in the development of the peninsula on which the Petkim Petrochemical Complex is located, according to a message posted on Petkim's website.
It is planned to construct a new refinery, a power plant, as well as to develop the container terminal near the Petkim complex in order to ensure its development and to provide it with raw materials.
No less than $100 million is invested in the development of Petkim complex every year, according to the message posted on the complex's website. The investments in the development of the complex will amount to $114 million in 2014.
Petkim's share in the Turkish market is expected to hit 40 percent by 2023, according to Petkim's message.
The total production volume of the holding amounted to nearly 2.82 million tons in 2013 compared to 3.03 million tons in 2012.
The net profit of the Turkish Petkim petrochemical holding amounted to 49 million liras in 2013 compared to 17 million liras in 2012. The total volume of Petkim's sales amounted to nearly 4.16 billion liras in 2013 compared to 4.35 billion liras in 2012.
SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent on March 20, 2012. Some 38.68 percent of the shares are on free circulation on the Istanbul Stock Exchange
Petkim Petrochemical Holding manufactures plastic packaging, fabric, PVC and detergents, being the only Turkish producer of such products. The holding exports a quarter of its products.
Translated by L.Z.
Edited by C.N.