By Leman Mammadova
Azerbaijani state company SOCAR invests in Turkey through its subsidiary SOCAR Turkey Energy, which started operating under Petkim in 2008.
Petkim Petrochemical complex, a subsidiary of SOCAR in Turkey, is making a great contribution to the development of the Azerbaijani and Turkish economy, the head of Petkim, Anar Mammadov, said, Trend reports referring the Turkish media.
He said that Petkim strives to become one of the most important production bases in Europe.
“By increasing our production capacity, we are working hard to reduce the current account deficit in Turkey,” he added.
He noted that Petkim ranks 13th among the 500 largest industrial enterprises in Turkey.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The complex includes 14 factories producing 20 different types of products.
Petkim's production capacity is 3.6 million tons per year.
Turkey's first petrochemical plant "Petkim Holding" was established in 1965. SOCAR purchased 51 percent stake in Petkim for $ 2.04 billion, at the end of privatization process in 2008. Over $ 760 million has been invested to improve Petkim over these years.
Petkim, exporting its products to about 40 countries, increased net profit from 725 million Turkish liras ($189 million) in 2016 to 1.4 billion liras ($366 million) in 2017.
Net profit of Petkim amounted to 356 million Turkish liras in the second quarter of this year.
In the first half of this year, Petkim has been invested 178.6 million Turkish liras ($ 33.81 million). 1 521 412 tons of products were produced in the complex. During the reporting period, the sales volume was 960,025 tons.
"SOCAR Turkey Energy" is one of the biggest investors investing in Turkish economy.
Established by SOCAR with a $ 6.3 billion investment, STAR Oil Refinery will supply Petkim with raw materials. STAR Oil Refinery, which was built to improve Petkim's value chain, will make a significant contribution to the diversification of the company's pro vice assets as a project that holds an important place in the new strategic development course of SOCAR.
STAR Oil Refinery will process 34,000 cubic meters of crude oil daily. SOCAR Turkey Energy A.S. earlier reported that STAR will reduce Turkey’s annual deficit by about $1.5 billion. STAR refinery will meet more than 25 percent of the processed oil products need of Turkey upon its startup. Certified with the first investment incentive granted by Turkey, STAR Refinery will eventually reduce the foreign-dependency of the country.
STAR is the biggest investment made by private sector in Turkey and has started to test its first test by August, the first crude oil load of 80,000 tons to the STAR Oil Refinery delivered from Azerbaijan. With its 4.8 million tons of diesel fuel and 1.6 million tons of naphtha, Turkey will also increase its competitive power in the global energy market with STAR NEZ, which will also produce oil products such as jet fuel and LPG.
SOCAR Turkey Energy continues to boost its economy and industry with strategic investments, moving forward rapidly every year to become Turkey's largest industry group.
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