BAKU, Azerbaijan, March 19. SOCAR Türkiye Enerji A.S. (STEAS, a subsidiary of SOCAR) has invested $1.7 billion over 15 years in the development of Turkish petrochemical Petkim Petrokimya Holding, STEAS CEO Elcin Ibadov told Turkish media, Trend reports.
"In 2008, we initiated the privatization of Petkim by acquiring a 51 percent stake for $2.04 billion. Furthermore, our ongoing investment in Petkim's comprehensive development has amounted to $1.7 billion to date," Ibadov said.
According to him, Petkim covers about 12 percent of Türkiye's petrochemical needs and plays a crucial role in Türkiye's economy.
The holding is also associated with the STAR refinery, which can refine 12 million tons of petroleum products annually, meeting half of Turkey's needs in this regard. Petkim uses the naphtha that is produced at the refinery as a raw material.
Petkim Petrokimya Holding encompasses 15 enterprises with a collective production capacity of 3.6 million tons annually. Offering approximately 60 varieties of petrochemical products, including ethylene, polyethylene, polyvinyl chloride, polypropylene, and other essential materials utilized in the manufacturing of plastics, textiles, and various consumer and industrial goods. Petkim's shares are publicly traded on the Borsa Istanbul stock exchange.
The STAR refinery has been in operation since October 19, 2018.
