Hurriyet Daily News - Petkim Petrokimya Holding, Turkey’s largest chemicals producer, is aiming to invest USD 5 billion over the next three years. A big portion of the USD 5 billion will be spent on establishing a refinery in Petkim’s Aliaga complex located in the Aegean province of Izmir, Hayati Ozturk, Managing Director of Petkim, told members of the press at a meeting held on Tuesday to announce the company’s 2009 financial results and 2010 targets. "The refinery we are planning to establish is the most important investment of SOCAR & Turcas. It is expected to cost USD 4 billion", said Ozturk speaking to journalists in the Istanbul meeting. Petkim will use its own equity to meet 35 to 40 percent of the refinery’s total cost. The rest will be met through project funding.
Petkim is currently waiting for a license to build the refinery. The construction of the refinery will start once Petkim receives its license from the Energy Market Regulatory Authority (EMRA). According to Ozturk, Petkim’s refinery is even more important because, once it becomes operational, it will end the reliance on Turkey’s sole naphtha refiner Tupras. The refinery is expected to create 10,000 additional jobs.