Azernews.Az

By Mirsaid Ibrahimzade

By investing in Turkish economy, the State Oil Company of Azerbaijan (SOCAR) makes a significant contribution to the diversification of its assets, which is an important component in the current strategic development course of the company.

Investments in the development of the Turkish petrochemical complex Petkim amounted to 237 million Turkish liras ($43.23 million) in the first half of 2019, Petkim said in a message.

In the first half of 2018, investments in the development of Petkim amounted to 178.6 million Turkish liras ($32.58 million). Thus, investments recorded an increase of 32.7 percent in January-June 2019.

SOCAR Turkey Energy is the owner of a controlling stake (51 percent) in the petrochemical complex.

The company stated that in 2019, the complex plans to invest in the modernization of its plants, in the improvement of its activities through technological development, and in measures for energy efficiency and environmental protection.

According to Petkim data, the volume of production at the petrochemical complex reached 1.68 million tons (an increase of 10.5 percent) in January-June 2019. At the same time, the company raised its sales of products, which recorded a growth by 21.6 percent (1.16 million tons).

Moreover, the capacity utilization rate of Petkim equaled to 95.6 percent in January-June 2019, against 86 percent recorded in the same period last year.

SOCAR invests in Turkey through its subsidiary SOCAR Turkey Energy, which is one of the largest investors in Turkish economy. It started investing in Turkey by purchasing 51 percent share in Petkim for $2.04 billion in 2008.

Petkim petrochemical complex, a subsidiary of SOCAR in Turkey, produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The complex includes 14 factories producing 20 different types of products.

SOCAR’s investments, including Petlim, Petkim, STAR refinery and TANAP, currently exceed $14.2 billion.

SOCAR is one of the world's 50 largest oil companies aimed at ensuring the energy security of Azerbaijan. SOCAR is the sole producer of petroleum products in Azerbaijan owning over 370 filling stations in Georgia, Ukraine, Romania and Switzerland.

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Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1

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