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Regional

Petkim Petrochemical Plant Obtained Privileges from Turkish Government

  • Thursday, January 10, 19:45

 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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