Petkim Petrochemical Complex to expand production capacity
By Aynur Jafarova
Turkey's Petkim Petrochemical Holding, in which Azerbaijan's state energy company SOCAR owns equity shares, plans to bring its production capacity to 3.6 million tons per year by late 2014.
The company reported that as of 2013 the production capacity of the complex was equal to three million tons per year.
The production capacity of the complex will increase as a result of regular investments in average volume of $100 million, according to the report.
The production capacity of Petkim was used up to 81.4 percent in 2013, according to the holding. Some $ 112 million was invested to increase the production capacity of the holding in 2013.
On March 30, 2012, SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent. Some 38.67 percent of the shares are on free circulation on the Istanbul Stock Exchange.
Petkim Petrochemical Holding manufactures plastic packages, fabrics, PVC, detergents, and is the only Turkish producer of such products. A quarter of Petkim's products are exported to foreign markets.