25 May 2009 15:15 [Source: ICIS news]
PRAGUE (ICIS news)--Turkey should expect its largest petrochemical company Petkim to meet 40% of domestic petrochemical demand by 2015 compared to the current 25%, the Turkish Privatisation Administration (OIB) said on Monday.
Describing the 2008 privatisation of Petkim as a great success so far, OIB said the expansion plans of the company's owners to almost double production capacity to 6.3m tonnes/year from 3.2m tonnes/year within six years were on course.
A majority 51% stake in Petkim, based in Izmir, western Turkey, was acquired by the State Oil Company of Azerbaijan (Socar), Turkey's Turcas Petroleum and Saudi Arabia-based developer Injaz Projects from the Turkish state for $2.04bn (€1.45bn).
They expected Petkim's annual revenue to rise to $4bn from $1.9bn last year once the expansion is complete.
The OIB said Turkey's demand for petrochemical products was last year worth $6.1bn and was growing at a yearly 11-12%.
($1 = €0.71)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|