SOCAR’s investments in dev’t of Petkim Petrokimya Holding exceeds $45M

The State Oil Company of Azerbaijan (SOCAR) invested just under 1.54 billion Turkish liras ($45.2 million at the current exchange rate) in the development of the Petkim Petrokimya Holding petrochemical complex in Türkiye in the first half of 2024, Report informs citing Petkim Petrokimya Holding.

This is an increase of 1.8 times year-on-year. Meanwhile, in the first half 2023, the investments made in the development of the complex stood at approximately 858.2 million Turkish liras (about $25.17 million).

According to the report, Petkim's production volume in January-June 2024 was 1.074 million tons (11% less).

During the reporting period, the holding sold 927,659 tons of petrochemical products (1.8% more).

The production capacity utilization rate of the complex was 61.7% in the first half of 2024 against 67.7% in the same period of 2023.

SOCAR invests about $100 million annually in the development of the Petkim petrochemical complex. In 2023, the investments amounted to 3.2 billion Turkish liras ($99.2 million).