“Significant changes are expected in the oil refining market in the future,” Chairman of SOCAR Turkey Refinery and Petrochemical Business Unit, Petkim Director-General Anar Mammadov told Anadolu Agency, Report informs.
According to him, the demand for petroleum products is estimated to drop until 2030: “As the market narrows, the number of players will change and competition will increase. Some companies, which are old and ineffective, and don’t meet modern standards, will have to leave the market. This category includes most European companies. Europe did not build a new refinery in recent years. All these processes will create an opportunity for Turkey. Therefore, to my mind, the efforts we make for effectiveness and modernization in Petkim and STAR are critical. This is a great opportunity for us to be in the Turkish market.”
On the other hand, Mammadov noted that the decline in demand for petrochemistry and oil refinery was unrealistic: “For that reason, it is important what and how we produce. Climate change is the biggest crisis and proportion of the renewable energy sources is increasing.”
According to him, the petrochemical and oil refining industries will continue for a long time: “We are aiming to reduce the wastes in Petkim and STAR by 1% every year until 2035.”