12/13/2007

$10 billion investment in Petkim to revive other investment plans

Today's Zaman -The head of a regional chamber of industry has said the recent $10 billion purchase of Turkish petrochemicals producer Petkim by the SOCAR-Turcas-Injaz consortium will trigger related investment in the region, which had been postponed due to uncertainties about Petkim's future. Aegean Region Chamber of Industry (EBSO) Chairman Tamer Taskın noted that the $10 billion investment would be a great contribution to the region. "This investment decision will revive other investment plans, especially among firms producing plastics, chemicals and boxes in the region," he said, adding that tens of new factories will be built in the area. It is also expected that the interest in the Aliaga Organized Industrial Zone (ALOSBI) -- which is located next to the Petkim facilities and currently has a 10 percent occupancy rate -- will rise. GERMAN-POLISH JOINT VENTURE TO INVEST ALOSBI acting President Adnan Saka said the increase in Petkim's production capacity and diversity would pave the way for other new factories. ALOSBI will reach fully occupancy in 10 years, he noted, but said they want to attract production facilities with a high added value. Saka also stated that a German-Polish joint venture had announced a $20 million investment plan to utilize Petkim's products. He said the venture had been researching various investments for a year and wanted to produce industrial products that have high added. According to Saka this investment will be realized immediately following the increase in Petkim's capacity. Salih Esen, chairman of the Esen Group, said if Petkim produces more value-added products, it may lead to new investment in the region, especially among high technology firms.

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