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Volume of expected investments in Petkim complex revealed

Oil&Gas Materials 13 October 2017 20:54 (UTC +04:00)

Baku, Azerbaijan, Oct. 13

By Leman Zeynalova – Trend:

Until late 2017, investments in the Petkim petrochemical complex, which is a subsidiary of Azerbaijan’s oil state company SOCAR in Turkey, will reach approximately $100 million, Anar Mammadov, Petkim director general, told reporters in Baku Oct. 13.

He said that the budget for the next year hasn’t been defined yet.

“However, I believe that in 2018, investments in Petkim will exceed $100 million,” Mammadov added.

The annual production volume is two million tons, he said, adding that at present, Petkim’s share in the Turkish market is 20 percent.

Mammadov noted that in the future, it is planned to increase Petkim’s share in the Turkish market.

Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons of products per year.

Petkim shareholders are: SOCAR Turkey Petrokimya AS (51 percent), US Goldman Sachs bank – 7.68 percent, other shareholders – 41.32 percent.

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