MOSCOW (MRC) -- Turkey’s Petkim petrochemical complex has declared force majeure on ethylene and propylene supply, as per Trend News Agency.
A cracker in Aliagha district had to be shutdown due to technical failure on July 17. It is expected that the cracker will be closed until late July. Cracker capacity is pegged at 588,000 tpa of ethylene and 271,000 tpa of propylene.
The cracker’s closing has led to disruptions in the supply of raw materials for the production of derivatives, including acrylonitrile and ethylene glycol.
As MRC informed earlier, Azerbaijan’s state-owned energy company Socar sold 2.75 percent of its stake in Turkey's petrochemical giant Petkim to a foreign investment fund.
Petkim is a sole manufacturer of plastic packages, fabrics, detergents, and other petrochemical products in Turkey. By the end of 2015 Petkim’s assets increased by 44 percent as compared to 2014. Its net profit stood at 639.2 million liras in 2015.
SOCAR Polymer is a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR). The entity was formed at the end of 2013 to run investments at the Sumgait Chemical Industrial Park, a production park which intends to become a chemical hub in central Asia.
MRC