MOSCOW (MRC) -- Turkish petrochemicals major Petkim Petrokimya Holdings has staged an official opening for a new plastic packaging factory at its petrochemical complex in the western Turkish town of Aliaga, reported SeeNews with reference to the company's statement.
The factory was built in five months, Petkim said in a statement, adding that the bulk of its output will be exported.
Petkim is constantly investing in new facilities, as well as in expanding the capacity and raising the efficiency of the existing ones, its general manager Sadettin Korkut said.
Petkim has made capital expenditures of more than USD500 million (EUR370 million) since its privatisation in 2008 and plans to invest an average of USD100 million annually until 2018, Korkut added. The company targets 6.0 million tonnes of gross production annually and a 40% share in the domestic market by 2023.
As MRC informed previously, The production capacity of the Turkish Pektim Petrochemical Holding where SOCAR, Azerbaijan’s state energy company has equity participation will increase from 3.2 million tons to 3.6 million tons in 2014. An increase in production capacity will be possible thanks to the improved capacity of ethylene and purified terephthalic acid (PTA) production enterprises. In particular, the ethylene production enterprise's capacity will increase from current 520,000 tons to 587,000 tons by late 2014. The PTA production capacity will increase from 70,000 tons to 105,000 tons which will require investments worth USD25 million.
Petkim is the leading petrochemical company of Turkey. Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products.