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Additional 400,000 tons of products produced at Petkim in 2017

26 December 2017 17:53 (UTC+04:00)
Additional 400,000 tons of products produced at Petkim in 2017

By Aygul Salmanova

This year, additional volumes of production at the petrochemical complex Petkim amounted to 400,000 tons said Anar Mammadov, the general director of Petkim Holding, the main share of which belongs to the State Oil Company of Azerbaijan (SOCAR).

Capacity utilization rate of Petkim now makes 97 percent while this figure was 89 percent last year, he noted.

Mammadov added that this year was very successful for Petkim and the main goal for the next year is to preserve the successful results of this year.

"We expect more risks next year. The forecast of fluctuations in prices for petrochemical products is our goal is to be independent of market conditions."

Director General noted that the STAR Oil Refinery, which will be commissioned next year, will positively affect Petkim.

"Meanwhile, we buy two million tons of naphtha at market. After the start of production at STAR oil refinery, the enterprise will fully supply Petkim with raw materials. This will give us additional investments. We think that 2018 year will be successful”.

Touching upon Eurobonds emission plan worth $500 million, Mammadov said that these bonds are issued to buy share in STAR refinery: “We want to represent Petkim Holding at the STAR Management Board. We want Petkim to have a voting right in the refinery. It's still too early to speak about exact volume of shares”.

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.Ş. with a share of 51 percent, SOCAR Turkey Energy with 1.32 percent and 47.68 percent within free float.

It is worth mentioning that Petkim with a profit of 4.532 billion lira ($1.28 billion) entered the TOP-500 largest enterprises of Turkey, taking 39th place in the ranking.

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