SOCAR Turkey to invest $7 billion in new polyolefin facilities

Petkim Petrokimya Holding

06/01/2025 11:05

BAKU, Jan 6 (Reuters) - SOCAR Turkey plans to spend
around $7 billion on establishing several new polyolefin
production facilities to expand capacity at its Petkim unit,
Kanan Mirzayev, head of SOCAR Turkey's refining and
petrochemicals division, said on Monday.
    "A detailed front-end engineering design (FEED) for the
facilities will be prepared in 2025-2026, requiring around $50
million in initial investments," Mirzayev said.
    The decision was approved at a December board meeting, and
the project is expected to be implemented over the next five to
10 years, he added.
    "Turkey imports up to 90% of its polyolefins. This
initiative will reduce dependency on imports and boost SOCAR
Turkey's revenues," Mirzayev said. 
    A final investment decision is expected by the end of 2026.
    Petkim, founded nearly 60 years ago, became wholly owned by
SOCAR in 2008 after the Azerbaijani energy firm acquired a
controlling stake for $2.04 billion. The unit operates 16
production plants and, in 2024, produced 2 million metric tons
of petrochemicals, meeting 11% of Turkey's domestic demand.

 (Reporting by Nailia Bagirova; Editing by Alexander Marrow and
Emelia Sithole-Matarise)
 ((nailia.bagirova@thomsonreuters.com; +994503129362;))