SOCAR increases investment in Türkiye's Petkim optimisation efforts

SOCAR has significantly increased its investments in the development of Türkiye’s Petkim Petrokimya Holding, with total investments amounting to 2.8 billion Turkish liras (approximately $81.6 million) during the first nine months of 2024.

This marks a 53.95% rise from the 1.8 billion Turkish liras invested in the same period in 2023, Caliber.Az reports citing local media.

The investments are directed towards modernising Petkim’s plants, advancing technology, improving energy efficiency, and enhancing environmental protection measures.

Petkim’s output for January- September 2024 reached 1.6 million tonnes, reflecting an 11.1% decrease compared to the previous year. During the same period, the company sold 1.39 million tonnes of petrochemical products, down by 0.4%.

Production capacity utilisation during the reporting period stood at 60.5%, a decrease from 66.9% in 2023. SOCAR Türkiye Enerji, a subsidiary of SOCAR, holds a controlling 51% stake in Petkim.

SOCAR’s annual investment in Petkim generally totals around $100 million. In 2023, SOCAR invested 3.2 billion Turkish liras (approximately $99.2 million) in the petrochemical complex.

Established in 1965, Petkim is Türkiye’s leading petrochemical producer, manufacturing a wide range of products such as ethylene, polyethylene, polypropylene, and PVC, which are used in plastics, textiles, and other industries. Petkim’s shares are listed on the Istanbul Stock Exchange.

In addition, SOCAR’s Supervisory Board recently convened under the chairmanship of Minister of Economy Mikail Jabbarov. The meeting reviewed the company’s performance for the first half of 2024, budget forecasts for 2024, and the results of its Environmental, Social, and Governance (ESG) initiatives.

By Tamilla Hasanova