Azerbaijan, Baku /corr. Trend S.Aliyev / The Turkish Administration for Privatization approved the alliance Socar/Turcas Petrol/Injaz Projects as winner of the tender on sale of 51% share of Turkish Petrochemical Holding Petkim, the Administration reported on 22 November.
At the beginning of July Transcentral Asia Petrochemical Holding company offered a low price for the tender on Petkim ($2.05bln), whereas the regulating body of the Turkish Government annulled the results of the tender and announced SOCAR/Turcas/Injaz the winner, who offered $2.04bln.
Investments by the alliance SOCAR/Turcas/Injaz for modernizing the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in the market of Turkey from the current 27% to 40%. The investments of the alliance over the next 1-2 years may make up $50-60bln.
Turkey currently imports 70-75% of the necessary chemical products, but developing Petkim, the investment alliance SOCAR/Turcas/Injaz will provide an opportunity to increase the import up to 30%. The annual increase of chemical product demand in Turkey makes up 12%.
Investments may pay for themselves in the next 5-6 years, everything will depend on the market, the SOCAR reported. SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim for supplying raw material to the enterprise. Initially the capacity of the refinery will make 6mln tons of oil per year.