TURKEY: Socar Turkey Enerji & Socar Izmir Petrokimya combine Petkim Petchem Complex assets

As a result of the merge, Socar Turkey Enerji's share in the complex rose to 61.32 %. Socar Turkey had held a 51 % interest and Socar Izmir had held a 10.32 % interest. A 38.67 % stake in the complex is still in free circulation on the Istanbul Stock Exchange.

The Petkim complex, located in Aliaga, is currently undergoing an expansion which will increase ethylene capacity to 587,000 t/y from 520,000 t/y currently and purified terephthalic acid capacity to 105,000 t/y from 70,000 t/y. Completion is due by the end of this year.

Star Refining, a joint venture of Socar and Turcas, is building a 214,000-b/d refinery in Aliaga that will meet Petkim's feedstock requirements. Refinery operations are expected to begin in 2017.

Additionally, Socar is investing in a new power plant and a container terminal at the site.

Source: Weekly "PetroChemical News", Durham, NC, USA; 29 Sept 2014
(Syed Rashid Ali, Karachi, Pakistan)