Petkim Aims to Reduce Imports with Up to $7 Billion Investment

Kanan Mirzayev, General Manager of Petkim and Head of SOCAR Türkiye Refinery and Petrochemical Business Unit, announced that the company is working on an investment plan ranging between $5 billion and $7 billion. If the Master Plan under consideration is implemented, it is projected to reduce Turkey's import dependency on polyethylene products by approximately $1.5 billion. Should the final investment decision be made, the project is expected to bring about a significant capacity increase in the petrochemical sector. According to Mirzayev's statements, this large-scale investment holds strategic importance in strengthening domestic production and narrowing the foreign trade deficit. The plan aims to substitute existing imports by increasing domestic production capacity for polyethylene-based products. This is intended to contribute to the current account balance and enhance supply security in the sector. While no clear timeline has been provided regarding the project's financial scope and schedule, it is noted that the investment could significantly boost Turkey's competitiveness in the petrochemical field. Detailed feasibility studies are expected to be completed during the approval process of the Master Plan. This is not investment advice.