Turkey’s Petkim invests $87M in production development
Izmir, Turkey, Sept. 8
By Maksim Tsurkov – Trend:
Turkish petrochemical complex Petkim invested $87 million in the development of production over the first seven months of 2016, Petkim General Manager Anar Mammadov told reporters in Izmir, Turkey, Sept. 8.
He said that in January-July 2016, Petkim achieved record indicators of income and EBITDA (earnings before interest, taxes, depreciation and amortization).
“The year 2016 has been the most efficient in economic terms in the company’s history,” Mammadov said. “As for capital expenditure, Petkim has invested $87 million in seven months versus nearly $57 million in the same period last year. This amount will grow until the end of 2016, but the bulk of the investment for this year has already been made.”
“Funds have been allocated for a project to build a wind farm on Petkim Peninsula, for increasing production capacity and infrastructure work to integrate Petkim and Star refinery,” he noted. “Increasing production capacity is our strategic goal.”
Mammadov added that Petkim’s capitalization amounts to $2.3 billion.
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