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 '?xml:namespace>
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.
The groundbreaking of a refinery that will produce feedstock for the petrochemical complex took place in October.
($1 = €0.75)
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