Turkey's Petkim targeting billion-dollar export barrier

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, Turkey's sole major petrochemical producer said on Tuesday.

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 Europe and other parts of the world and the increased price of naphtha feedstock caused by high oil prices, Petkim said.

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)

By: Will Conroy
+44 20 8652 3214

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