Azeri SOCAR joins $5bn refinery project in Turkey
Socar & Turcas Energy, a joint venture of the Azerbaijani state oil
company SOCAR and Turkey’s Turcas, will build a refinery in the
neighboring country’s town of Izmir, a project that will require
investments worth $5 billion until 2015.
The company’s executive director Kanan Yavuz was quoted by the Turkish media as saying that the project will turn Turkey’s largest petrochemicals group Petkim into a major world company. Its staff will be increased to 10,000 from 2,421 people. The company’s market share will reach 40 percent by 2018, Yavuz said.
Petkim executive Heyati Ozturk said Petkim has invested $170 million in the past three years, and a further $70 million will be invested in 2010.
51 percent of Petkim’s stock was sold to Socar & Turcas Energy in November 2007 in what became the largest foreign economic project that Azerbaijani companies participate in.
Petkim is one of the largest petrochemical enterprises in the region, with a strategic importance for Turkey. The company, built by the oil group TPAO in 1962, is referred to as "the heart of petrochemical industry" in Turkey. Its products include plastic packaging, fabrics and detergents.*
The company’s executive director Kanan Yavuz was quoted by the Turkish media as saying that the project will turn Turkey’s largest petrochemicals group Petkim into a major world company. Its staff will be increased to 10,000 from 2,421 people. The company’s market share will reach 40 percent by 2018, Yavuz said.
Petkim executive Heyati Ozturk said Petkim has invested $170 million in the past three years, and a further $70 million will be invested in 2010.
51 percent of Petkim’s stock was sold to Socar & Turcas Energy in November 2007 in what became the largest foreign economic project that Azerbaijani companies participate in.
Petkim is one of the largest petrochemical enterprises in the region, with a strategic importance for Turkey. The company, built by the oil group TPAO in 1962, is referred to as "the heart of petrochemical industry" in Turkey. Its products include plastic packaging, fabrics and detergents.*
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