SOCAR to build another petrochemical complex in Turkey

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008
Saturday, 05 August 2017 19:59

SOCAR Turkey Enerji A.S., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, intends to create a new chemical enterprise like Petkim in Turkey, Azernews reported.

SOCAR secretly had bought five oil tankers belonging to the family of Turkish President Recep Tayyip Erdoğan using offshore companies in the Republic of Malta.

"Currently, Turkey imports petrochemical products worth $11 billion. There is a plan to build a petrochemical holding in Izmir, like Petkim. In Aliaga district of Izmir, “Star” refinery is being built, domestic demand of which is 4 times more than Petkim's annual production capacity of 3.5 tonnes," Minister of Science, Industry and Technology of Turkey Faruk Özlü said.

In early June, Head of SOCAR Turkey Enerji Zaur Gahramanov also said that SOCAR Turkey Enerji A.S. is working on a project to create a new chemical enterprise in Turkey and added that Turkish government fully supports all projects of the company, Azernews website reported.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under the brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization, it added.

Petkim shareholders include SOCAR Turkey Petrokimya A.Ş. with a share of 51 percent, SOCAR Turkey Enerji A.S. with 1.32 percent and 47.68 percent within free float.

It is expected that in 2018, the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion and the company will become the second biggest industrial company in Turkey (the first is Koç Holding) with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.