01 May 2012 16:44 [Source: ICIS news]
LONDON (ICIS)--Petkim's exports rose 50% in value year on year to $288m (€219m) during the first quarter of 2012, ?xml:namespace>
The figure showed the company was on course to break the billion-dollar barrier for exports during this year, having achieved an export value of $834m last year, it added.
The target should be attainable despite the renewed economic downturn in some parts of
The State Oil Company of Azerbaijan (SOCAR), which in April bought a 10.32% stake in Petkim to bring its controlling stake in the producer to 61.42%, has set out to transform the company with the construction of a $10bn petrochemical “super site” on a peninsula in Aliaga, near Izmir on western Turkey’s Aegean coast.
Modelled on the Jurong Island industrial zone in Singapore, which includes a chemical manufacturing cluster, it should by 2023 more than triple Petkim's petrochemical production capacity to 10m tonnes/year and boost the company's share of the Turkish petrochemical market from its current 25% to 40%, Petkim said.
However, Petkim hopes that a $400m container port, to be built as part of the complex, will also allow the company to use the new capacity to make major inroads into new export markets.
($1 = €0.76)
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