BAKU, Azerbaijan, April 10
By Leman Zeynalova - Trend:
SOCAR Turkey has changed its petrochemical export routes, said Zaur Gahramanov, CEO of SOCAR Turkey, Trend reports citing Turkish media.
“We are experiencing decrease in consumption in the petrochemical industry. We were exporting 50 percent of our petrochemical products to European countries, mainly Germany, Italy, Spain, but these countries are among the most hit by COVID-19. Therefore, our export route has also changed towards eastern countries. We hope that after COVID-19, we can return to our old markets, but in this process we have to find new markets. We live in a new world. And after COVID-19, we will have in a new world, both from economic and political viewpoint. We must be ready for this,” he said.
When coming to the oil prices, Gahramanov said he believes that the price between $45 and $55 per barrel is perfect for the US, Saudi Arabia and Russia as well as other countries.
“If these prices are achieved, it will be good for all countries producing traditional oil. The cost for shale oil production in the US is $30-$35 per barrel,” he added.
SOCAR Turkey’s Petkim petrochemical complex produces approximately 60 petrochemical products at its production facilities in Aliaga, Izmir.
SOCAR Turkey acquired and made Petkim focal point of its investments in 2008.
The petrochemical products, produced by Petkim, are used in several industrial branches such as automotive, electrics, electronics, agriculture, packaging, textile, pharmaceutics, paints, construction, detergent and cosmetics.
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