Amount of investment for improvement of Petkim announced

So far, $1.6 billion have been invested in the improvement works of Petkim, Türkiye's first and only integrated petrochemical facility, Elchin Ibadov, acting CEO of SOCAR Türkiye, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), said in an interview to the Turkish press, Report informs.

According to him, this amount was directed in addition to the funds invested in the privatization of Petkim ($ 2.04 million):

"The STAR refinery integrated with Petkim, which we opened in 2018 with an investment of $6.7 billion, is the only example of petrochemical and oil refining integration in Türkiye.

"Currently, with an annual crude oil refining capacity of 11 million tons, the STAR plant meets approximately 19.5% of Türkiye's need for refined oil products.

"In addition, SOCAR Marine, which is active in the market of marine transport fuels, has become one of the strongest players in the Turkish market with a sales volume of 640,000 tons in 2022. The company ranks second in Türkiye's marine fuel sector with a market share of 24%."