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Petkim is planning to invest more than $2bln in new production facilities

Petkim is planning to invest more than $2bln in new production facilities

Turkey’s largest petrochemical company is planning to invest more than $2bln in new production facilities near Izmir – Daily Sabah reports.

Acquired by Azerbaijani SOCAR for $2.4 billion in 2008, Petkim provides 20 percent of Turkey’s need for petrochemical products while the remaining 80 percent is imported from abroad.

At the moment, Petkim imports raw material for production from Russia, Greece and Romania, but after the SOCAR Turkey Aegean Refinery (STAR) becomes operational in October 2018, Petkim will no longer import raw material.

“Importing petrochemical goods is a problem for Turkey since the country’s current account deficit stems from petrochemical products to a large extent. The import of petrochemicals makes up 30 to 35 percent of the current account deficit,” said Petkim General Manager, Anar Mammadov. The company’s new investment should help to partially solve this problem.

Şener Erdem, Petkim Strategy and Business Development Department Manager, along with Deputy General Manager for Projects and Maintenance Dinçer Akbaba and Deputy General Manager for Strategy and Business Development Kanan Mirzayev will attend the 5th Downstream Project Management Conference.

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