SOCAR to invest $52 million in Petkim this year

The State Oil Company of Azerbaijan (SOCAR) is planning to invest $ 52 million in the Turkish oil-chemistry complex Petkim in 2009 despite the global economic crisis, said SOCAR president Rovnag Abdullayev at the Petkim 44th anniversary event in Turkey, APA reports quoting Hurriyyet newspaper.

Abdualley said they targeted the medium- and long-term projects with support of Turkey. “As a result of these projects, Petkim will become one of the most profitable companies in the world. Petkim’s 25-percent share in the Turkish market will level up to 40 percent”.

Abdullayev said $47 million was invested in Petkim in 2008 despite the crisis.

Petkim’s 51-percent stock package was tendered in July, 2007 and Kazakh-Russian joint venture TransCentralAsia Petrochemical Holding, offering $2.05 billion won the tender. The tender commission annulled this decision later and announced the SOCAR-Turcas-Injaz alliance a winner.

/APA/