SOCAR to invest US$7 bln in refinery, power plant, container terminal to develop peninsula

10-Apr-14

Azerbaijan's state energy company SOCAR will invest almost US$7 bln in developing the peninsula in which the Petkim Petrochemical Complex is located. A new refinery and power plant is planned to be constructed and a container terminal will be developed near the Petkim complex in order to ensure its development and provide it with raw materials. Additionally, investments in the development of the complex will amount to US$114 mln in 2014. Petkim Petrochemical Holding manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products. Total production volume of the holding amounted to nearly 2.82 mln tons in 2013, compared to 3.03 mln tons in 2012. Petkim plans to bring its production capacity to 3.6 mln tpa by late 2014.