7/16/2008

Petkim plans to spend $5 bln in new investments

Today’s Zaman - The new owners of giant petrochemicals manufacturer Petkim, the SOCAR-Turcas-Injaz consortium, decided to make new investments worth $5 billion to enhance Petkim’s production capacity. $2 billion of the investments, which will be made in the short, medium and long terms, will be assigned to the production of new petrochemicals, while $3 billion will be expended on refinery projects. The consortium had paid $1.66 billion for the 51 percent of Petkim’s shares and made the down payment in May. SOCAR Chairman Rövnag Abdullayev, who is also the chairman of Petkim, Turcas chairman and Petkim Deputy Chairman Erdal Aksoy, SOCAR General Director Vagif Aliyet and Turcas Deputy Chairman Yilmaz Tecmen paid a visit to Tamer Taşkin, President of the Aegean Region Chamber of Industry (EBSO) . Abdullayev provided information about the new goals and plans for Petkim and stressed that political uncertainties in Turkey do not effect their investment decisions. Abdullayev indicated that their joint venture shouldn’t be regarded as foreign capital. “We are two different countries, but one nation. Do not treat us as foreign capital. We are not concerned about political fluctuations,” he said.

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