ECONOMY
SOCAR to invest $17bn in Petkim
Baku, April 6 (AZERTAC). Board chairman of Petkim Petrochemical Holding Vagif Aliyev said the company will see $17 billion in investment from Azerbaijan`s state oil firm, SOCAR.
Aliyev spoke to a ceremony marking the 47th anniversary of Petkim`s founding.
“SOCAR is Petkim`s largest shareholder,” said Aliyev, who is also SOCAR`s Foreign Investment Department.
“We are confident that in the coming years Turkey will be among the world`s top 10 most rapidly developing economies. This is why SOCAR also intends to make major investments in other sectors of Turkey`s economy.”
Earlier, on March 30 SOCAR Turkey Energy and SOCAR International DMCC OGG acquired 10.32 percent stake in Petkim, increasing its share to 61.32 percent. Some 38.67 percent are in free circulation in the Istanbul Stock Exchange.
The Petkim Petrochemical Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.
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