Turkey's Petkim to spend $10bn on petrochemicals “supersite”

29 November 2011 17:24  [Source: ICIS news]

LONDON (ICIS)--Turkey-based Petkim expects to spend around $10bn (€7.5bn) by 2023 on creating its petrochemical “supersite”, twice the amount it anticipated at the start of the investment, the company said on Tuesday.

The increase in the estimate can be largely attributed to the expanding ambitions for the 'Petkim Peninsula' complex, which will be located in Aliaga, near Izmir on western Turkey's Aegean Coast, and modelled on Singapore's Jurong Island industrial zone, it added.

Petkim, currently only a commodity petrochemical producer, intends to ensure that the site will have enough installed capacities to boost the company's share of the Turkish petrochemical market from its current 25% to 40%, the company said.

Under the plan, Petkim's petrochemical production capacity should rise more than threefold to 10m tonnes/year within 12 years, it said.

Turkey currently imports 70-75% of all required petrochemical products and the Petkim Peninsula initiative's objective is to reduce this to around 30%, Petkim added.

Petkim Peninsula is also seeking to achieve a major export role by utilising a brand new major container terminal, the company said.

The groundbreaking of a refinery that will produce feedstock for the petrochemical complex took place in October.

Petkim is controlled by the State Oil Company of the Azerbaijan Republic (SOCAR) through its majority shareholding in SOCAR & Turcas Energy.

($1 = €0.75)

By: Franco Capaldo
+44 (0)20 8652 3214

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