Petkim expects to increase export revenues

Baku, Azerbaijan, Jan. 18

By Maksim Tsurkov - Trend:

Turkish Petkim petrochemical complex expects to double its revenues from export of its products, Turkish media reported citing the company's general manager Sadettin Korkut.

Korkut added that there is potential to increase production, and positive dynamic is expected in the next three years.

"If in 2015 export brought $110 million, then in 2016 we expect $155 million profit, in 2017 - $175 million, and in 2018 - $200 million," Korkut said.

Speaking about the oil prices, he said that the price between 50 and 60 dollars per barrel is perfect both for the company and the country.

Korkut said that countries receiving oil revenues feel the impact of low oil prices on their economies, and it is unprofitable for Turkey as well.

"At the same time, if the oil prices will stay below $50 per barrel, oil companies will need to rethink their strategies," Korkut said.

Meanwhile, Petkim continues negotiations for the purchase of 7-10 percent stake of the Star refinery, he added.

Earlier it was reported that the Board of Directors of Petkim petrochemical complex gave permission to start negotiations for the purchase of 12-14 percent stake of Rafineri Holding from SOCAR Turkey Enerji, which will make it possible for Petkim to become the owner of 7-9 percent share in the Star refinery.

The annual naphtha production volume, used by Petkim as the main raw material, will hit 1.66 million tons at the Star refinery.

Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur in the amount of 5.95 million tons, aviation kerosene - 500,000 tons, reformate - 500,000 tons, petroleum coke - 630,000 tons, liquefied gas - 240,000 tons, mixed xylene - 415,000 tons, olefin LPG - 75,000 tons and 145,000 tons of sulfur. The refinery will not produce petrol and fuel oil.

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Follow the author on Twitter: @MaksimTsurkov

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