The share of the Petkim petrochemical complex, where SOCAR (State Oil Company of the Azerbaijani Republic) has a part, will increase to 40% in Turkey’s domestic market, head of the SOCAR section for foreign investments, Vagif Aliyev, said, Trend reports.
The current share in the inner market is 25%.
Petkim will soon launch a new refinery capable of processing 10 million tons of oil annually.
The SOCAR-Turcas alliance won a tender for sales of a 51% share of Petkim in 2008, offering $2.04 billion. Turkey imports 70-75% of chemicals. The SOCAR-Turcas project will allow it to be reduced to 30%.
Petkim Petrokimya Holding produces plastic packages, cloth, bleaches and is the only manufacturer of such products, exporting a quarter of it.
