Baku, Azerbaijan, Nov.18
By Emil Ismayilov - Trend:
Turkey's Petkim petrochemical complex has increased its production capacity from 3.2 million to 3.6 million metric tons per year, the State Oil Company of Azerbaijan (SOCAR) said on Nov.18.
SOCAR has a 61.32-percent share in Petkim complex.
The company said that Petkim's production capacity has increased as a result of investing $144 million in the plants for production of ethylene and purified terephthalic acid.
As a result of the carried out work, the capacity of the ethylene production plant alone has increased from 520,000 to 588,000 metric tons.
It is planned to commission a new wind power plant there in late 2015, according to SOCAR. The implementation of the first stage of this project, will allow to meet 12 percent of demands of the complex for electricity.
The total capacity of the power plant will be equal to 50 megawatt, while the capacity of the first phase is expected to hit 25 megawatt.
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 30, 2012. Some 38.67 percent of the shares are in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents being the only Turkish producer of such products. The holding exports a quarter of its products.
SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerkimya (a production association of chemical industry enterprises) and Azerigas (deals with distribution of gas in the country).
The company also includes a number of processing and service enterprises, and institutions involved in geophysical and drilling operations.
SOCAR is the sole petroleum products manufacturer in Azerbaijan with two oil refineries. The company owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
Edited by SI