In January-September 2024, the State Oil Company of Azerbaijan's (SOCAR) investments in Türkiye's Petkim Petrochemical Holding complex amounted to over $2.79 billion Turkish liras ($81.66 million), Report informs, citing Petkim’s performance report for the nine months of 2024.
Considering that investments in the complex's development amounted to nearly 1.82 billion Turkish liras (about $53 million) in the nine months of last year, this indicator has increased by 53.95%.
"In 2024, investments will be directed to modernization of Petkim plants, general improvements and technology development, energy efficiency, and environmental protection," the report noted.
Additionally, according to the document, Petkim's production volume during the reporting period was about 1.6 million tons (11.1% decrease). The holding sold 1.39 million tons of petrochemical products in nine months (0.4% decrease).
The capacity utilization rate of the complex in January-September was 60.5%. In comparison, this indicator was 66.9% in January-September 2023.
SOCAR Türkiye Enerji, a subsidiary of SOCAR in Türkiye, owns the controlling stake of 51% in the Petkim Petrochemical Holding complex.
SOCAR's annual investment in Petkim complex development is approximately $100 million. In 2023, this figure was 3.2 billion Turkish liras ($99.2 million).
Established on April 3, 1965, Petkim Petrochemical Holding is Türkiye’s leading petrochemical complex. The complex produces ethylene, polyethylene, polyvinyl chloride, polypropylene, and other petrochemical products used in the production of plastic products, textile products, and other consumer and industrial goods.
Petkim's shares are traded on the Istanbul Stock Exchange.