Turkey’s petrochemical sector has very big potential, and this sector is expanding by 6-7 percent every year, Anar Mammadov, director general of the Petkim petrochemical complex, said at a press conference for Azerbaijani journalists in Izmir city.

Axar.az reports citing Trend.

Mammadov said that Petkim is Turkey’s only integrated enterprise manufacturing petrochemical products.

“Petkim can provide only 20 percent of Turkey’s needs for petrochemical products,” Mammadov noted. “Major investments are being made to meet the needs in this sector with a very high development potential. Since 2008, Azerbaijan’s state oil company SOCAR has been annually investing in Petkim about $100 million and the total additional investments’ value has reached $1 billion.”

Mammadov added that 6,000 producers, including small and medium-sized enterprises (SMEs), use 60 types of various products that are manufactured at 15 main and six auxiliary facilities of Petkim.

“This company, the products of which are in great demand, completed 2018 with a profit of 872 million Turkish liras ($149.234 million),” Mammadov said. “From January to June 2019, the biggest production output for the whole period of activity was achieved and the production record was set. In the first half of 2019, the profit of 5.9 billion Turkish liras ($1.009 billion) including the net profit of 439 million Turkish liras ($75.100 million) was received.”

Petkim manufactures plastic packaging, fabrics, PVC, detergents, and being the only Turkish manufacturer of these products, the company exports a quarter of its production. The complex includes 14 factories manufacturing 20 different types of products. Petkim's production capacity is 3.6 million tons per year.

Equity participation of shareholders in the complex’s capital is as follows: SOCAR Turkey Petrokimya A.S. - 51 percent, and 49 percent of the shares are in free float on the stock exchange.