Petkim,the Turkish petrochemical producer,is pursuing a project,which would boost the purified terephthalic acid(PTA)capacity of its Aliaga plant by 50 percent,a company statement said.
The project would raise the capacity of the plant,located near Izmir on Aegean coast of western Turkey,from existing 70,000 tons per year to 105,000 tons per year.
The company has decided to include the project in its Petrochemical Products Capacity Expansion and New Product Generation capital expenditure(capex)programme.
The programme is linked to ongoing construction of Petkim's US$10 billion or€7.6 billion petrochemical"supersite"in Aliaga.
Based on the model of Singapore-based Jurong Island Industrial Zone,incorporating a chemical production cluster,Aliaga petrochemical complex is expected to boost its petrochemical production capacity by three-times to 10 million tons per year by 2023.
The complex would also house a container port,which would help Petkim to boost its petrochemical exports from 2012's US$1 billion to US$5 billion by 2023,the company said.
Petkim said its decision of going ahead with the project came after it obtained a Strategic Investment Incentive Certificate,which makes way for considerable investment tax incentives,from the country's Economy Ministry.
The State Oil Company of the Azerbaijan Republic(SOCAR)is a major stakeholder in Petkim.
