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Azerbaijan to invest $6 bn in Petkim during next 5 years

07 June 2011 15:22 (UTC +04:00)

Turkish and Azerbaijani officials, as well as PM Rajab Tayyip erdogan and President Ilham Aliyev are expected to attend the ceremony, Director of SOCAR TURCAZ Company and Chairman of Petkimâ€™s Board OF Directors Kanan Yavuz said during the press conference held in Baku.

To him, $4.5-5 bn funds will be allocated to construction of the plant. Annual capacity of the plant is 10 mln tons and especially the products which Petkim needs, will be produced here. Moreover, $350 mln is planned to invest in sea port in the region. In general, SOCARâ€™s investments in Petkim structures will exceed $ 6 bn: â€œAfter this, Petkim will become one of the biggest companies of Turkey and Europe in this sphereâ€.

In parallel, capital also will be invested in energy sector and 1,000 MVt-energy capacity of the organization will be established until 2020.

Company official said that the second stage of SOCARâ€™s investments in Petkim will start after 2015. Within these works, oil-chemical production will be increased from 3 mln tons to 6 mln tons. Sale volume will be reached $ 20 bn.

Finally, next stage of investments has been planned until 2040. As a result of these works, Turkey and Azerbaijan will have an important role in oil processing and production of oil-chemical products sphere.