Socar to start construction of a new petrochemical complex in Turkey next June

11:33 - 20.09.2018


September 19, Fineko/abc.az. Socar’s president Rovnag Abdullayev stated that his Company will launch construction of a new petrochemical complex in Turkey next June. 
He added that the feasibility study of the project will be ready in April and construction work will begin in June of 2019.
In 2008 Socar acquired 51% of shares of the first Turkish petrochemical plant Petkim for $2.04 bn. Then the 10% stake of the shares owned by the Privatization Department was acquired and sold. Currently, 51% of Petkim shares belong to SOCAR.  Over the past years, more than $760 million has been invested on improvement of Petkim. 
Petkim produces about 3.6 million tons of petrochemical products annually. In the 1st quarter of this year the net profit of Petkim PetroKimya Holding amounted to 131.4 million Turkish liras. Petkim's earnings for the reporting period totaled 1.88 bn Turkish liras. Currently, Petkim is one of the largest companies in Turkey.

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