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CORRECTED -SOCAR&Turcas/Injaz plans $5 billion investment for Petkim

<font color=red> CORRECTED </font>-SOCAR&Turcas/Injaz plans $5 billion investment for Petkim

02 June 2009 15:32 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The SOCAR&Turcas/Injaz alliance (Azerbaijan-Turkey-Saudi Arabia), the owner of a 51% stake in Petkim Holding, the largest petrochemical firm in Turkey, plans to implement a $5 billion investment plan by 2018 to double the plantâ€™s annual capacity to 6 million tons.

Kenan Yavuz, Executive Director of Petkim, said the planned investment would go to upstream and downstream projects.

â€œThe refineries we plan to build there will be cheaper than refineries planned near Ceyhan due to the existence of port, dam and power network,â€ he added.

According to him, Petkimâ€™s annual output capacity will reach at least 10 million tons after new facilities are launched and supplied by Azerbaijan and other countries.

He said Petkimâ€™s annual crude demand is 2 million tons currently.

â€œNew refineries will produce aircraft fuel and petroleum products. With new facilities being constructed, Petkim will be Turkeyâ€™s largest container port in five years. About $150 million will be invested in this port,â€ he added.

According to him, Petkim was not affected by the global financial crisis.

Petkimâ€™s market share is expected to reach 40% in several years from 25% currently.

According to projections, the total turnover of investments (upstream, downstream, energy and logistics) may amount to $15 billion by 2018.

SOCAR&Turcas/Injaz consortium owns a 51% controlling stake in Petkim after privatization in 2007.