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SOCAR reveals investments’ volume in Petkim petrochemical complex

Oil&Gas Materials 28 December 2019 15:26 (UTC +04:00)
SOCAR reveals investments’ volume in Petkim petrochemical complex

BAKU, Azerbaijan, Dec. 28

By Anastasia Savchenko - Trend:

This year, about $120 million has been invested in the Petkim petrochemical complex located in Turkey, Ibrahim Ahmadov, deputy head of the Public Relations and Event Management Department of Azerbaijan’s state oil company SOCAR, told Trend.

Ahmadov was commenting on the results of SOCAR’s activity in the past year.

The deputy head added that in past years, the volume of investment was approximately similar.

“In order to modernize and improve production efficiency, Petkim launched a special program called 'Petkim Benim',” Ahmadov noted. “It provides for more intensive participation of plant employees in management, encouraging them to submit proposals to increase the efficiency of operations by the complex.”

The deputy head noted that the proposals by the employees of the plant were analyzed and the most optimal in terms of the implementation of proposal were selected.

“As a result, out of the total amount of the investments, about $5 million were made based on these proposals,” Ahmadov said. “The investments positively affected the work of our complex and brought additional income.”

In conclusion, the deputy head added that this program still continues.

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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