15 October 2012 17:40 [Source: ICIS news]
LONDON (ICIS)--Turkey’s Petkim will move forward with its plan to extensively build up its petrochemical exports to Europe when construction starts in November on a container port that will serve the company’s planned $10bn (€7.7bn) production “supersite”, Petkim said on Monday.
The construction of the $400m facility at the site on a peninsula in Aliaga, near Izmir on western Turkey’s Aegean coast, would take two years, the company added.
Operations at the port should translate into additional revenue of $15m-20m a year for Petkim through reduced service costs, said Petkim, which hopes to this year pass the billion-dollar export level for the first time.
The plants, to be constructed at the petrochemical complex, would cut the company’s energy costs by approximately 40%, it said.
The gas-fired plant would annually use up to 500m cubic metres of Azeri gas bought by the Turkish unit of Petkim’s owner, the State Oil Company of Azerbaijan (SOCAR), Petkim said.
Modelled on the Jurong Island industrial zone in Singapore – which includes a chemical manufacturing cluster – the Aliaga petrochemical complex should more than triple Petkim's petrochemical production capacity by 2023 to 10m tonnes/year, Petkim said.
($1 = €0.77)
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