SOCAR reduces investments in development of Turkish Petkim petrochemical complex 22% in 2023 to $99 million

BAKU. May 24 (Interfax) - Investments by SOCAR (the State Oil Company of Azerbaijan) in the development of the Turkish Petkim Petrokimya Holding petrochemical complex in 2023 reached 3.2 billion Turkish lira ($99.2 million at the current exchange rate), the petrochemical complex said.

SOCAR's investments in the complex's development totaled 4.108 billion Turkish lira in 2022. Therefore, the volume of investments in 2023 represent a 22% decrease.

According to the Petkim report, the company produced 2.3 million tonnes of products in 2023 (an increase of 4.5%).

During the reporting period, the holding sold 1.88 million tonnes of petrochemical products (a decrease of 2.6%). Petkim's share of the petrochemical market in Turkey last year was 12%. The complex's production capacity utilization rate increased to 66.1% from 63.9% in 2022.

SOCAR Turkey Enerji (Turkish subsidiary of SOCAR) is the owner of a controlling stake (51%) in Petkim Petrokimya Holding.

Petkim Petrokimya Holding, founded in 1965, is Turkey's leading petrochemical complex. It produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other petrochemical products used in the production of plastics, textiles and other consumer and industrial products. Petkim shares are listed on the Istanbul Stock Exchange.