Azernews.Az

By Aynur Jafarova

Turkish Petkim Petrochemical Complex will boost the capacity of the ethylene and pure terephthalic acid (PTA) producing enterprises by late 2014.

The capacity of these enterprises is planned to be brought up to 3.6 million tons per year, the complex said.

Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, will invest $138 million for expansion of the capacity of the mentioned enterprises.

Some 58 million Turkish liras were invested in the first quarter of 2014 to increase the capacity and efficiency of Petkim's enterprises.

Petkim Petrochemical Holding, in which SOCAR owns equity shares, manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products.

A quarter of Petkim's products are exported to foreign markets.

The total production volume of the holding amounted to nearly 2.82 million tons in 2013, compared to 3.03 million tons in 2012.

The net profit of the Turkish Petkim Petrochemical Holding amounted to 49 million liras in 2013 compared to 17 million liras in 2012. The total volume of Petkim's sales amounted to nearly 4.16 billion liras in 2013, compared to 4.35 billion liras in 2012.

Petkim plans to bring its production capacity to 3.6 million tons per year by late 2014.

On March 30, 2012, SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent. Some 38.67 percent of the shares are on free circulation on the Istanbul Stock Exchange.

Azerbaijan's state energy company SOCAR owns a 61.32 percent stake in Petkim.

Investments in the development of the complex will amount to $114 million in 2014. Petkim's share in the Turkish market is expected to hit 40 percent by 2023.