Investments in Turkish Petkim hit $250 mln

Türkiye Materials 3 May 2012 11:09 (UTC +04:00)

Azerbaijan, Baku, May 3 / Trend A.Taghiyeva /

The investments in the Turkish petrochemical complex Petkim, in which State Oil Company of Azerbaijan (SOCAR) has equity participation, totaled $ 250 million for the four years, SOCAR Turkey Energy executive director Kenan Yavuz told the Turkish edition Bloomberg HT today.

Yavuz said that the demand for energy raw materials is growing in Turkey, while Azerbaijan needs for the sales market of petroleum and petroleum products. Therefore, cooperation between Turkey and Azerbaijan in the energy sector will be actively developed.

Previously on March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim, increasing the stake up to 61.32 per cent.
Some 38.67 per cent is in free circulation on the Istanbul Stock Exchange.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.