TODAY.AZ / Business

SOCAR eager to create another petrochemical complex in Turkey

04 August 2017 [14:43] - TODAY.AZ
By Azernews

By Sara Israfilbayova

SOCAR Turkey Enerji A.S., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, intends to create a new chemical enterprise like Petkim in Turkey.

"Currently, Turkey imports petrochemical products worth $11 billion. There is a plan to build a petrochemical holding in Izmir, like Petkim. In Aliaga district of Izmir, “Star” refinery is being built, domestic demand of which is 4 times more than Petkim's annual production capacity of 3.5 tonnes," Minister of Science, Industry and Technology of Turkey Faruk Ozlu said.

Petkim, produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported to the United States, and countries in Europe, the Middle East, Africa, and Asia. The complex includes 14 plants that produce 20 different types of products. The production capacity of Petkim is 3.6 million tons of products per year.

In early June, Head of SOCAR Turkey Enerji Zaur Gahramanov also said that SOCAR Turkey Enerji A.S. is working on a project to create a new chemical enterprise in Turkey and added that Turkish government fully supports all projects of the company.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.

Petkim shareholders include SOCAR Turkey Petrokimya A.?. with a share of 51 percent, SOCAR Turkey Enerji A.S. with 1.32 percent and 47.68 percent within free float.

It is expected that in 2018, the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion and the company will become the second biggest industrial company in Turkey (the first is Koç Holding) with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.

URL: http://www.today.az/news/business/163803.html

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