Petkim's petrochemical complex gains status of foreign trade company

By Azernews

By Kamila Aliyeva

The biggest petrochemical complex Petkim has received the status of a foreign trade company in Turkey.

This decision was made by the Ministry of Economy, the website of the Turkish Resmi Gazete (Official Gazette) reported on July 21.

The status of the foreign trade company is received by those companies whose paid capital exceeds 2 million Turkish liras while export volume reaches $100 million within the last 12 months.

Having received this status, Petkim will be able to take advantage of various benefits, for example, a guarantee of VAT refund, loans with low interest rates, state support for exports and simplified customs procedures.

Subsidiary of Azerbaijan State Oil Company SOCAR in Turkey, 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.

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 Energy with 1.32 percent and 47.68 percent with in free float.