Integration of SOCAR subsidiaries in Turkey saves up to $40 million

The Petkim petrochemical complex will stop next year for scheduled maintenance, which is mandatory for enterprises of this type every 4 years.

President of SOCAR Turkey Refining and Petrochemical Business Unit (a subdivision of SOCAR Turkiye Enerji) and General Director of the Petkim petrochemical complex Anar Mammadov said this at a presentation for Azerbaijani journalists in Aliaga, Report informs.

According to him, the previous such stop was in 2018.

"The exact date is still unknown, but most likely the enterprise will stop for repairs in the second half of next year," said the general director of the complex.

As Anar Mammadov noted, Petkim is a very successful project and the bulk of the manufactured products goes to the domestic market.

According to him, last year SOCAR began the integration of its enterprises in Turkey and as a result, it economized on it.

“The integration of Petkim and STAR in the administrative part has already been completed. Due to the integration of these two enterprises, it was possible to save 35-40 million US dollars," Anar Mammadov said.

He also said that the integration of information and communication systems of Petkim and STAR is ongoing, including in terms of digitalization.

"We plan to complete the integration of the digital systems of the Petkim and STAR in 2022," Mammadov added.

The integration of Petkim and STAR is expected to provide significant tax and other benefits.

“This is not an easy process, since Petkim is a public company, STAR Refinery is not, so serious legal and tax procedures will be required.”

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