(CNBC) -- Petkim Socar & Turcas Energy, Petkim's owners, plan to invest $20 billion by 2023 in the petrochemicals plant at Aliaga on the Aegean coast, Milliyet newspaper reported. According to senior official at Socar, Azerbaijan's state oil company, Socar & Turcas are interested in bidding for Baskent Gaz and Igdas, the state-owned gas grids in Ankara and Istanbul.
Petkim is the leading petrochemical company of Turkey, founded in 1965. Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacuture of plastics, textiles, and other consumer and industrial products. The company has 14 manufacturing plants supplying a significant portion of petrochemicals used in Turkey. The company also exports products to the United States, and countries in Europe, the Middle East, Africa, and Asia.