SOCAR’s investment in Petkim reached $1B
Baku, Azerbaijan, Sept.20
By Leman Zeynalova – Trend:
The investments of Azerbaijan’s state oil company SOCAR in Petkim petrochemical complex has reached $1 billion, Trend reports citing CEO of SOCAR Turkey Energy Zaur Gahramanov.
“We have invested $100 million annually in Petkim alone and we continue investing. In other words, our investment in Petkim, excluding the purchase price, reached $1 billion,” he told Turkish media.
Gahramanov noted that Petkim is Turkey's first and only integrated petrochemical plant.
“It meets 20 percent of Turkey’s demand. Six thousand industrial enterprises, most of them being SMEs, use 60 different products of Petkim,” he said.
Petkim manufactures plastic packaging, fabrics, PVC, detergents, and being the only Turkish manufacturer of these products, the company exports a quarter of its production.
The complex includes 14 factories manufacturing 20 different types of products. Petkim's production capacity is 3.6 million tons per year.
Equity participation of shareholders in the complex’s capital is as follows: SOCAR Turkey Petrokimya A.S. - 51 percent, and 49 percent of the shares are in free float on the stock exchange.
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