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    Sadettin Korkut: 'Attention is paid to increase sale of Petkim products'

    'After privatization, Petkim was allocated 600 mln USD to increase quality and production capacity'

    Baku. 14 July. REPORT.AZ/ 'Petkim (PetroKimya) Holding A.Ş.' assessed opportunities and risks, as well as pays attention to increase sale through high production rates.'

    Report informs citing Fortune Türkiye, Petkim General Manager Sadettin Korkut said.

    He noted that making no investments in the company's production capacity during 21-year-long privatization process caused very low development of Turkish petrochemical sector than its potential: 'After privatization, our plant's have been allocated 600 mln USD to increase quality and production capacity. In the first quarter of 2016, especially since the middle of February, in addition to price of crude oil, increase is observed in cost of raw material and product prices. We believe that this trend will continue throughout the year and our turnover will grow'.

    Notably, during May 20, 2008 auction, 51% of 'Petkim Petrokimya Holdinq A.Ş.' shares acquired by 'SOCAR&Turcas Enerji A.Ş.' alliance for 2.04 bln USD. In March 30, 2012, 'SOCAR Turkey Enerji A.Ş' and 'SOCAR International DMCC OGG' privatized other 10.32% shares of Turkish 'Petkim' petrochemical holding. Further, 5% purchased at stock exchange. Added shares (15%) traded depending on market conditions. SOCAR management stated that will never reduce its shares in 'Petkim Holding' lower than 51%. 

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