BAKU, Azerbaijan, June 17
By Leman Zeynalova – Trend:
Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey uses approximately 2.3 million tons of raw material coming from the Star Refinery, another subsidiary of SOCAR Turkey, Trend quoted SOCAR Turkey Deputy Chairman of the Board of Directors Vagif Aliyev as saying.
He noted the importance of the integrated operation of the abovementioned two facilities.
Petkim has been in operation for more than 50 years. After we bought it, we invested over $100 million every year. This is a naphtha-based facility. Approximately 2.3 million tons of the raw material produced at the refinery is used at Petkim,” Vagif Aliyev told Turkish media.
Stating that Petkim shares have performed well below their value due to the decrease in portfolio investments by foreign investors in Turkey, Vagif Aliyev said he believes that foreign investors will start to return to Turkey gradually.
Star Refinery, with investment value of $6.3 billion came on stream in October 2018. Around $3.3 billion of the project’s cost was covered by loans. The total investment in Star Refinery is expected to stand at $7 billion.
The annual processing capacity of Star Refinery is 10 million tons. It meets around 25 percent of Turkey’s refined oil products. The refinery is able to process 214,000 barrels of crude oil per day.
Petkim is the first and the sole integrated petrochemical facility in Turkey. It is the largest exporter in the Aegean region. Petkim’s production capacity is 3.6 million tons per year. The petrochemical complex produces around 60 different types of products and exports to 78 countries. The complex meets about 20 percent of Turkey’s demand for petrochemical products.
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