SINGAPORE/LONDON (ICIS news)--Socar-Turcas-Injaz, the consortium which is to be awarded a 51% stake in Petkim, is planning to invest more than $1bn (€701m) in the petrochemicals major to make it competitive, a source close to the consortium said on Thursday.
In addition, the consortium plans to build a new refinery and mega power plant to guarantee feedstock supply for Petkim, the source added.
Petkim operates a 520,000 tonne/year cracker and produces polyolefins, aromatics, chlor-alkali products, purified terephthalic acid (PTA) and phthalic anhydride (PA) at its plants in Aliaga and Yarimka.
Ankara decided to cancel the sale of its 51% stake in Petkim to a Kazakhstan-based consortium to sell to to Socar-Turcas-Injaz, the second highest bidder, for $2.04bn.
Petkim was not immediately available for comment.
($1 = $0.70)