SOCAR assets in Turkiye among 100 best
ECONOMICS 27 May 2022 - 12:31
The STAR refinery of the Azerbaijan state-run energy company's (SOCAR) has taken first place in the rating of 100 companies prepared in 2021 by the Aegean Chamber of Industry.
Petkim Holding, another SOCAR production company in Turkiye, ranks third in the same rating, according to Report with reference to the Turkish press.
SOCAR Turkiye Energy CEO Zaur Gahramanov noted that with the growth in demand for petrochemical products in 2021, there was a shortage of supply: “During this period, SOCAR Turkiye Group of Companies continued to support local industrialists by introducing their products to the Turkish market.”
The opening of STAR took place on October 19, 2018. The foundation of the plant was laid on October 5, 2011. STAR has the first strategic investment promotion document in Turkiye. From September 2019, the plant began to operate at full capacity. The annual capacity of the crude oil refinery has increased from 10 million tons to 11 million tons this year.
SOCAR Turkiye Enerji (SOCAR's subsidiary in Turkiye) owns a controlling stake in Petkim Petrokimya Holding.
Petkim was founded on April 3, 1965 and is Turkiye's leading petrochemical complex. The complex produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other petrochemical products that are used in the production of plastic mass, textiles, and other consumer and industrial products.
Petkim shares are listed on the Istanbul Stock Exchange.
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