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Vagif Aliyev: Share of Â«PetkimÂ» in Turkish market will significantly increase

28 November 2011 09:30 (UTC +04:00)

â€œCurrently, the share of Petkim in Turkish petrochemical market is 25% and is planned to increase up to 40%â€, he added.

Aliyev noted that SOCAR, which is the principal founder of Petkim, played an important role in ensuring energy security in the region and fully met the demand of energy in Azerbaijan.

Aliyev stressed that oil production in Azerbaijan during 1997-2010 years increased by 5.6 times to annual 50 million tons and natural gas during 2004-2010 grew by 5.2 times to 26 billion cubic meters.

At the same time, Aliyev spoke about the investment projects implemented by SOCAR abroad, including in Romania, Georgia and other countries, and noted that list of these countries would expand in the near future.

Note that, Ege Oil Processing Factory (Star Rafinerisi) in the area belonging to Petkim will spend approximately $5 bln. With the annual processing capacity of 10 mln tons, factory will produce the products that Petkim demand. New factory will reduce import of chemical materials by 30%.

According to targets of SOCAR&Turcas community up to 2023, this factory is planned to change to one of the chemical centers of Europe. Investments in the company by 2023 are planed to be $10 bln. As a result of these works, the annual export wil be reached $5 bln.

$5 bln will be invested in Star Oil Refinery Factory. THE factory will be launched in 2015.