20 October 2009 17:39 [Source: ICIS news]
PRAGUE (ICIS news)--Petkim will spend $5bn (€3.35bn) over then next nine years to double the capacity of the petrochemical production at its Aliaga site in Turkey, the Turkish petrochemical producer confirmed on Tuesday.
The global economic downturn should at most be a short-term blip in the company's $5bn investment plan to profit from the potential markets, CEO Kenan Yavuz told ICIS news.
Yavuz added the company expansion plan would be based on a cluster model with different petrochemical production units, a oil refinery producing petrochemical feedstock, modern port facilities and logistics centres combined on one site.
“Our vision is to become a regional force in petrochemicals,” said Yavuz, adding that he wanted to see Petkim at least double its 1.9m tonnes/year petrochemical capacity by 2018.
Petkim said such rapid production growth would enable the company to combat Turkey's massive polymers trade deficit.
($1 = €0.67)
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