Turkey's Petkim breaches $1bn export barrier for the first time

12 March 2013 13:40  [Source: ICIS news]

LONDON (ICIS)--Turkish petrochemical producer Petkim said on Tuesday that it had met its target of achieving an annual export value of more than $1bn (€0.77bn) in 2012, the first time in its 48-year history.

Products worth $1.04bn were exported in 2012 compared to $0.83bn in 2011, while sales volumes increased by 3.6% year on year to reach 1.81m tonnes, Petkim added.

Overall sales revenues in 2012 amounted to Turkish Lira (TL) 4.35bn (€1.86, $2.42bn), a 12% improvement year on year, the company said.

The attempt at breaching the billion-dollar export barrier was hindered by economic downturns across Europe that squeezed demand, but Petkim succeeded in meeting its objective by expanding sales into new markets, the company said. Petkim now exports petrochemicals to more than 40 countries, it added.

Petkim's owner, the State Oil Company of the Azerbaijan Republic (SOCAR), aims to more than triple Petkim's petrochemical production capacity by 2023 to 10m tonnes/year with the construction of a $10bn petrochemical 'supersite', served by its own refinery. The facility is to be located on a peninsula in Aliaga, near Izmir on western Turkey’s Aegean coast.

The complex will also boast its own container port to help Petkim extensively build up its exports to Europe and beyond, but another objective of the supersite will be to vastly reduce Turkey's current over-reliance on imported petrochemicals, SOCAR said.

($1 = €0.77)

($1 = TL2.34, €1 = TL1.80)

By: Will Conroy
+44 20 8652 3214

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