Azerbaijan, Baku, 16 July / Trend / The alliance SOCAR/Turcas/Injaz will allocate nearly $5bln for the development of Turkish petrochemical holding Petkim. The share of the enterprise in the market is supposed to be increased by 40% by 2015 at the expense of these funds, mentioned in Holding's report at Istanbul stock exchange. In addition, new kind of raw material is envisaged to be purchased for the enterprise.
SOCAR/Turcas/Injaz acquired 51% share of the holding at $2.04bln. The alliance is going to launch a concrete work at the enterprise in the second half of 2008. The alliance intends to invest $10bln in the enterprise in the next seven to eight years. Two electric power stations operating with coal and gas will be constructed on the basis of the enterprise.
Investments by the alliance SOCAR/Turcas/Injaz to modernize the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in Turkey's market from the current 27% to 40%. The investments of the alliance over the next 1 to 2 years may total $50-60bln. Turkey currently imports 70-75% of the necessary chemical products, but after 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 totals 12%.
SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim to supply raw material to the enterprise. Initially the capacity of the refinery will make 6-8mln tons oil per year.
Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is the sole producer of these goods in Turkey, exporting one fourth part of its output.
