About $760 million invested in Petkim
By Sara Israfilbayova
In the only petrochemical complex in Turkey - Petkim, the main share of which belongs to the State Oil Company of Azerbaijan (SOCAR), after privatization invested $760 million.
Director General of Petkim Petrokimya Holding A. Ş Anar Mammadov stressed that the capacity of Petkim is 3.6 million tons of petrochemical products per year, 60 percent of which is sold in the local market, and 40 percent is exported to more than 50 countries.
SOCAR acquired a 51 percent stake in Petkim for $ 2.04 billion in 2008. The remaining shares of the holding are in circulation on the Istanbul Stock Exchange.
Founded in 2008, SOCAR Turkey, officially titled “SOCAR Turkey Enerji A.Ş.”, is an affiliate of SOCAR, one of the most well-established oil and natural gas companies of the world.
With its total investment volume of $19.5 billion to be realized by 2020, SOCAR is proud to stand as the biggest foreign investor of Turkey. Similarly, SOCAR’s group companies in Turkey, namely Petkim, STAR Refinery, Petlim Container Terminal and Trans-Anatolian Natural Gas Pipeline (TANAP) represent the largest-scale investment Azerbaijan has made to a single country to date.
SOCAR defines its main investment fields in Turkey as natural gas trade and distribution, oil refinery and distribution, production and trade of petrochemicals and relevant operations to support these areas. Additionally, SOCAR is the principal partner of the Trans-Anatolian Natural Gas Pipeline (TANAP) Project, the longest line of the Southern Gas Corridor, an infrastructure project, planned to carry natural gas to Europe and Turkey from the Caspian Sea region resources.
SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is
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