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Petkim invests US$60m in cost-reducing projects

September 15/2010

(OfficialWire) -- Petkim's operating rates are likely to rise to maximum capacity in 2010 from 90% in 2009. By the end of 2009, Petkim was is a strong position, with its market share rising from 22% pre-recession to 30% during the economic crisis. Although the Turkish petrochemicals industry has coped with the recession relatively well, risks remain, namely rising crude prices and potential over-valuation of the Turkish lira.


Nevertheless, Petkim is investing US$60mn in cost-reducing projects in 2010 in the drive to improve efficiency and long-term profitability. Turkish plastics production capacity reached around 5.6mn tpa in 2008 and was forecast to reach 6.5mn tpa in 2009, 11.3mn tpa in 2013 and 13mn tpa by 2014. Turkey has risen one place to fifth place in BMI's Central and Eastern Europe Petrochemicals Business Environment Ratings this quarter, with its score rising 0.2 points to 46.8 points due to an improvement in its country risk rating amid a pick-up in the economy. This puts it 0.1 point ahead of Slovakia. Turkey's strength lies in the improvements in market risks, particularly following Petkim's privatisation in 2008, but this has been partly offset by a decline in its country risk score amid economic recession and deteriorating indicators. Foreign investment is being encouraged into downstream sectors in order to bolster the country's industrialisation.

Petkim invests US$60m in cost-reducing projects













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