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Petkim to construct a refinery

Petkim to construct a refinery
SOCAR-Turcas, the owner of Turkish petrochemicals producer Petkim, plans to construct a refinery in Alia?a and put it into operation by 2014, Petkim CEO Kenan Yavuz has said.

Petkim to construct a refinery.

Speaking on Tuesday at a press conference where he announced Petkim"s 2009 financial figures and SOCAR-Turcas" investment strategies, Yavuz stated that the company"s main goal is to become a regional leader in the refinery sector. Recalling that they have launched a project to construct a refinery in Alia?a, he said they hope this project will be completed by 2014. Yavuz explained that the project is a combination of a refinery, petrochemical factory and power plant and that it will cost more than $5 billion, underlining that it is one of the biggest investments to be made in a region in Turkey.

The refinery will be capable of processing 10 million tons of raw materials, Yavuz said. Of this production, Petkim will use 2 million tons, while the remaining 8 million tons will be used in the domestic market, curbing the need for imports. ?It will be a net contribution to close the current account deficit in Turkey. It is a project to nationalize raw materials,? he said. The project will target both domestic and international investors, Yavuz said, stressing that ?it will be one of the most important processing centers in Europe.? The refinery in Alia?a is expected to employ some 10,000 people, he added.

Petkim"s target for 2018 is to raise its share in the domestic market to 40 percent with sustainable growth, Yavuz stated. The company"s priority is the projected refinery in Alia?a, and they have suspended their plans to construct a refinery in Ceyhan, he said.


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