SOCAR/Turcas JV invests $28 mln in Petkim petrochemical facility in Q1
BAKU. May 10 (Interfax) - The SOCAR/Turcas joint venture invested $28 million in Turkey's biggest petrochemical facility Petkim Petrokimya Holding in the first quarter of 2011, State Oil Company of the Azerbaijani Republic (SOCAR) said on its webpage.
"Overall investment in boosting the enterprise's production capacity is planned at $131 million this year," SOCAR said.
SOCAR said that Petkim increased its sales 23% year-on-year to 467,000 tonnes in the first quarter. Total product exports amounted to $192 million.
Investment earmarked this year for Petkim's development will go to the production of polyethylene, which is a key material for the cable sector. In addition, as production capacity increases, the facility's demand for electricity will go up. Therefore, the construction of wind farm with 25 megawatts in electricity generation capacity will be built at the facility.
SOCAR/Turcas JV owns 51% in Petkim. SOCAR manages the JV.