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TKFEN - Tekfen Holding AS News Story

TRY17.03 -0.3  -1.4%

Last Trade - 04/03/21

Sector
Industrials
Size
Mid Cap
Market Cap £604.8m
Enterprise Value £518.2m
Revenue £1.13bn
Position in Universe 67th / 645

Azeri SOCAR suspends petrochemical plants for planned maintenance-source

Thu 10th September, 2020 2:28pm
BAKU, Sept 10 (Reuters) - Azeri state energy company SOCAR
has suspended production at two of its petrochemical plants for
planned maintenance that will last until the beginning of
October, a source at the company said on Thursday.
    The plants are producing polypropylene and high-density
polyethylene.
    SOCAR had also halted production at its only oil refinery on
Aug. 27 for a month and a half for routine maintenance.
    "The last export consignments before shutdown were sold at
the end of August and there were no shipments of products in
September," the source, who did not want to be named, told
Reuters.
    The plant producing polypropylene with an annual capacity of
184,000 tonnes was commissioned in 2018, while the one producing
polyethylene with a capacity of 120,000 tonnes was commissioned
in 2019. Both plants are managed by SOCAR's subsidiary, SOCAR
Polymer.
    Over 76,000 tonnes of propylene, about 55,000 tonnes of
polyethylene and over 100,000 tonnes of ethylene were produced
in Azerbaijan in January-July this year.
    Azerbaijan also produces carbamide, methanol and other
petrochemicals and plans to begin construction of a new
petrochemicals plant in Turkey to produce various materials in
partnership with British oil major BP  BP.L  at the end of 2020,
aiming to complete the project within three years.

 (Reporting by Nailia Bagirova, Writing by Margarita Antidze;
Editing by Emelia Sithole-Matarise)
 ((margarita.antidze@thomsonreuters.com; +995322999370; Reuters
Messaging: margarita.antidze.thomsonreuters.com@reuters.net))
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