Turkey’s Petkim seeks partners for petrochemicals expansion

11 February 2010 11:15  [Source: ICIS news]

VIENNA (ICIS news)--Turkey’s Petkim is seeking partners for a major petrochemicals expansion at its complex near Izmir in western Turkey, Kenan Yavuz, the chief executive of parent group Socar & Turcas, said on Thursday.

“We are looking for strategic partners,” Yavuz told ICIS news on the sidelines of the Global Petrochemicals 7th Annual Meeting in Vienna.

There has been some interest from companies in the US, Europe and the Far East, he revealed.

Petkim planned to double its petrochemicals capacity by 2018, Yavuz said. Naphtha feedstock for the expansion would be provided by Socar & Turcas, which planned to build a $4bn-5bn refinery next to the Petkim complex, he added.

Socar & Turcas, which owns a 51% stake in Petkim, expected to complete the 10m tonne/year refinery project in 2014, said Yavuz.

The refinery would produce 2m tonnes/year of naphtha to supply a new Petkim cracker with an ethylene capacity of 800,000 tonnes/year, he added.

Downstream, Petkim planned to increase production of polypropylene (PP) from 140,000 to 400,000 tonnes/year, low density polyethylene (LDPE) from 350,000 to 400,000 tonnes/year and polyvinyl chloride (PVC) from 150,000 to 300,000 tonnes/year, said Yavuz.

In addition, the company has plans to build a 200,000 tonne/year high density polyethylene (HDPE)/linear low density polyethylene (LLDPE) swing plant, he added.

Petkim was seeking partners for all downstream products, Yavuz said. He stressed that the project was still at the conceptual stage and was unable to specify the size of the proposed investment.

In the shorter term, Petkim planned to expand its existing naphtha cracker by 13% from 520,000 to 600,000 tonnes/year of ethylene in 2012, Yavuz said.

Socar & Turcas is a joint venture between Azerbaijan’s state-owned oil company Socar and Turkish fuel distribution company Turcas.

The conference, organised by the World Refining Association (WRA), ends on Thursday.

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By: Anna Jagger
+44 20 8652 3214

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