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 Thursday, January 10 2013 10:45:19

Petkim Petrochemical Plant Obtained Privileges from Turkish Government

 Baku. Petkim petrochemical complex has obtained a
certificate for tax remissions as a part of the investment stimulation program
from the Turkish Ministry of Economic Development. SOCAR bought the control
amount of shares (50%+1 share) of Petkim in May 2008, reported Petkim's press
office.


The press office quotes Sadetdin Korkut,
General Director of Petkim, that the "Turkish Ministry of Economic
Development has complied with Petkim's request, to provide tax remissions for
the purpose of increasing the production capacity and produce new types of
products." Korkut said that the decision would give a new impetus to
development of the industry and increase the volume of manufactured products.
As soon as new tax remissions are introduced, annual production capacity of the
complex will increase by 13% and the manufacture of products will increase from
the current 3.2 up to 3.5 million tons. Korkut also added that the new tax
remissions would help to reduce product cost and turn Petkim into one of the
biggest petrochemical complexes.  * On
March 30, 2012 Socar Turkey Enerji A.S. and SOCAR International DMCC OGG bought
10.32% shares of Petkim and increased their share to 61.32%.  There is 38.67%  in free circulation at the Istanbul Stock
Exchange.


 

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