Azeri-Turkish consortium to invest $52m in Petkim
The Azerbaijani-Turkish energy consortium,
SOCAR-TURCAS, will invest $52 million in Turkey`s petrochemicals
maker Petkim this year, President of Azerbaijan`s state energy firm
SOCAR, Rovnag Abdullayev, says.
"Despite the financial crisis, we invested $47 million in Petkim in 2008 and plan to increase the figure this year," he told reporters.
Abdullayev said the Turkish company would become one of the world`s most profitable companies as a result of the ongoing projects. Petkim`s share in the Turkish market will be increased from 25% to 40%.
The SOCAR president also said that after being privatized, Petkim opened 250 jobs, with additional 200 ones to be created in 2009.
"SOCAR plans to implement several large-scale projects in Turkey with the support of the fraternal country`s government," Abdullayev added.
The SOCAR-TURCAS consortium won a tender for the sale of Petkim`s controlling package of shares in 2007 after bidding $2.04 billion for the acquisition. The consortium`s investment in the company will allow to reduce imports of petrochemicals to Turkey from the current 70-75% to 30%. The sale of 51 per cent of Petkim`s stock to the company was the biggest economic project joined by Azerbaijani companies abroad.
Petkim is one of the biggest petrochemical enterprises in the region with strategic importance for Turkey. The company, built by oil group TPAO in 1962, is referred to as "the heart of petrochemical industry" in Turkey.
"Despite the financial crisis, we invested $47 million in Petkim in 2008 and plan to increase the figure this year," he told reporters.
Abdullayev said the Turkish company would become one of the world`s most profitable companies as a result of the ongoing projects. Petkim`s share in the Turkish market will be increased from 25% to 40%.
The SOCAR president also said that after being privatized, Petkim opened 250 jobs, with additional 200 ones to be created in 2009.
"SOCAR plans to implement several large-scale projects in Turkey with the support of the fraternal country`s government," Abdullayev added.
The SOCAR-TURCAS consortium won a tender for the sale of Petkim`s controlling package of shares in 2007 after bidding $2.04 billion for the acquisition. The consortium`s investment in the company will allow to reduce imports of petrochemicals to Turkey from the current 70-75% to 30%. The sale of 51 per cent of Petkim`s stock to the company was the biggest economic project joined by Azerbaijani companies abroad.
Petkim is one of the biggest petrochemical enterprises in the region with strategic importance for Turkey. The company, built by oil group TPAO in 1962, is referred to as "the heart of petrochemical industry" in Turkey.
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