Petkim chief vows huge investment in Azerbaijan, Turkey in 2020

"We are aware of the power of Turkey's economy and believe in it. We are planning our investments with long-term planning," Petkim Director-General, head of SOCAR Turkey Refinery and Petrochemical Business Unit Anar Mammadov said in his interview to Xalg Gazeti newspaper.

He noted that 2020 would be a year for SOCAR-Turkey that TANAP and STAR NEZ will yield results: "We'll see the effect of STAR NEZ on our production in 2020. I think the year 2020 will be the time when we will be able to expand our producing capacity and make great contributions to the economies of both Azerbaijan and Turkey."

Mammadov said that Petkim would be a source of pride and one of the most significant production powers of Turkey and Azerbaijan in the future. He noted that today the enterprise stands out for its respect to humans, production technologies sensitive to the environment, contributions to the country's economy, and robust public and cultural impact. He noted that SOCAR aims to transform Petkim into the biggest petrochemical complex of Turkey and Europe, and its investments in this complex continue successfully. The Director-General informed that $1 billion had been invested in Petkim since 2008 with $100 million every year.

"SOCAR-Turkey's investments will reach $19.5 billion soon. The investment projects of the company complement one another. The integration process covering all companies started for more effective production. SOCAR-Turkey Refinery and Petrochemical Business Unit, SOCAR Turkey Natural Gas Business Unit, SOCAR Turkey Innovation and Technologies Business Unit and SOCAR Turkey Logistics Business Unit were established. Petkim, STAR Refinery, SOCAR Storage, and SOCAR Distribution were united under the SOCAR-Turkey Refinery and Petrochemical Business Unit. STAR NEZ was the best certain performance of what advantages this integration would bring to us. Petkim saved logistical costs by buying naphtha from STAR NEZ via pipeline, instead of importing raw material from different parts of the world. This advantage was reflected as positive in Petkim's balance report. Buying high-quality naphtha from STAR NEZ instead of importing different quality raw materials means higher production, productivity, and raw material supply for Petkim. Moreover, joint services and joint infrastructure in the business unit attach importance to synergy and increase of high productivity," he said.