$5bn to be invested in Turkey’s Petkim
$5 billion are to be invested by 2015 in Turkey’s largest
petrochemicals group Petkim, a company whose stock is partly
controlled by the Azerbaijani state oil company SOCAR, Petkim’s CEO
announced.
Kenan Yavuz, who is visiting Baku, said shareholders have developed a special plan on the company’s development. Under the plan, a refinery will be built close to the plant. A port and a wind power plant are to be constructed in the area as well. After 2015, upon completion of the program’s first stage, new investments will be made.
"I believe that the SOCAR-Turcas joint venture will be one of Turkey’s biggest holdings in 2023," Yavuz added.
51 percent of Petkim’s stock was sold to SOCAR-Turcas in November 2007. Petkim is one of the largest petrochemical enterprises in the region, with a strategic importance for Turkey. The company, built by the TPAO oil group in 1962, is referred to as "the heart of the petrochemical industry" in Turkey.*
Kenan Yavuz, who is visiting Baku, said shareholders have developed a special plan on the company’s development. Under the plan, a refinery will be built close to the plant. A port and a wind power plant are to be constructed in the area as well. After 2015, upon completion of the program’s first stage, new investments will be made.
"I believe that the SOCAR-Turcas joint venture will be one of Turkey’s biggest holdings in 2023," Yavuz added.
51 percent of Petkim’s stock was sold to SOCAR-Turcas in November 2007. Petkim is one of the largest petrochemical enterprises in the region, with a strategic importance for Turkey. The company, built by the TPAO oil group in 1962, is referred to as "the heart of the petrochemical industry" in Turkey.*
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