Turkish petrochemical plant Petkim reached a record high in petrochemical production in 2019.
Production at the company, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), increased by 24% compared to 2018 to reach 3.4 million tonnes, Petkim said in a statement.
Petkim's income reached $1.91bn with a 25% increase, while the company's net profit stood at $125.15mn in 2019.
"The integration of the STAR refinery contributed to the results in a positive way," Anar Mammadov, general manager, Petkim, said in the statement.
“Petkim also received 759,000 tonnes of naphtha from the STAR Refinery, which became fully operational in 2019, after it was launched in October 2018 and has been carried out with an investment of $6.3bn by SOCAR Turkey,” he said.
"Instead of importing naphtha from different parts of the world, we now take it from the STAR refinery via pipeline thus increasing our efficiency, the security of supply and operational capability," Mammadov said.
As well as Petkim and the STAR refinery, SOCAR’s other investments include the Trans-Anatolian Natural Gas Pipeline project (TANAP) and Petlim, the largest container port on Turkey's Aegean coast as well as a distributor of natural gas.
SOCAR is one of the largest foreign direct investors in Turkey, with around $19.5bn of project investments to date.
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