Petkim gets to build power plant

Petkim petrochemical complex was granted with a license by the Energy Market Regulatory Authority of Turkey (EMRA) for the construction of a power plant, the EMRA reported.

Petkim plans to invest about $100 million into this project in 2015.

The investment will help to increase the complex capacity, diversify energy production, and reduce energy costs and the cost of production.

Meanwhile, the first phase of co-generation unit (Petkojen) construction is scheduled to complete in 2016, which will help to save up to 30 percent of the energy consumed.

The need for electricity and steam power of Petkim peninsula will increase four times by 2023.

Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products.

A quarter of Petkim’s products are exported to foreign markets.

SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR’s stake in the company to 61.32 percent; some 38.67 percent is in free circulation on the Istanbul Stock Exchange.