Azernews.Az

Turkish chemicals maker Petkim Petrokimya Holding will use Azeri crude at its planned $3 billion refinery, its chairman says.
Rovnag Abdullayev, who also heads Azerbaijan's state oil company SOCAR that co-owns Petkim, said the company will ship the Azeri fuel to its refinery in western Turkey from Ceyhan, the final destination point of a BP Plc-run pipeline pumping Caspian oil to the eastern Mediterranean.
Abdullayev told Turkish Anadolu news agency that the goal was to double Petkim's output capacity by channeling investment into the company and subsequently to meet 40 per cent of the demand for chemicals in Turkey.
The company currently controls up to 27 per cent of the demand in the Turkish market that grows 11 per cent every year. But the figure may go down if restructuring is not carried out within the company. Expanding the variety of products and the sales network are among primary targets as well.
The chemicals manufacturer has started talks with companies to build the refinery and engineering work is under way, Petkim Deputy Chairman Erdal Aksoy said.
Aksoy, head of Turkish TURCAS company, said Azerbaijan's investment would soon turn Petkim into Europe's biggest petrochemicals company.
Injaz Projects Co. Ltd. of Saudi Arabia is another partner in the venture that bought Petkim from the Turkish government for over $2 billion in May.