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7/27/2019 Petkim Petokimya Turkey - Var?Ova_2009.
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Petkim Petrochemical Holding Corp.
Presentation to Investors
June 2009
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Investm ent Highl igh ts
Grow th Plan & Strategy
AGENDA
Company Overv iew
Key Financ ials
General Overview o f Turkey
Economy &
Petrochemical Industry
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World Economy and Petrochemical Market
WORLD GDP GROWTH RATE IS ESTIMATEDAROUND 2 % IN 2010THE DOWNTURN IS ABOUT TO BOTTOM
OUT, TIME FOR INVESTMENT
WORLD PETROCHEMICALPRODUCTION WAS DRAG DOWNTO THE LEVELS OF 15-20 YEARS
EARLIER
CAPACITY UTILIZATION RATESDECREASED TO 65-70% LEVELSIN PETROCHEMICAL SECTOR IN
WESTERN EUROPE
THE ABRUPT DECLINES IN OILAND NAPHTHA PRICES ARE
MAINLY DUE TO CONTRACTIONIN DEMAND
crude
naphtha
Daily QNAF-C-NWE, QBRT- 29/05/2008 - 07/06/2009 (GMT)
Line, QNAF-C-NWE, Last Quote(Last)05/06/2009, 548
Line, QBRT-, Last Quote(Last)
04/06/2009, 499.28
Price
USD
T
.12
200
300
400
500
600
700
800
900
1,000
1,100
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Q2 08 Q3 2008 Q4 2008 Q1 2009 Q2 2009
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Much lower energy p ric es
Consumers see p rices f al li ng
Unemployment benef it s ex tended
Cons truc ti on cos ts dec li n ing ; in teres t s rates at hi sto ri c l ow Stimu lu s Packages to boost the demand
Percep t ion i s real it y ; al l are engaged in fi ght ing back
Global GDP g row th w il l r esume ~ back to t rend rat e by lat e 2010
Good News
Consumer adver se to spend ing
Au to Indus tr y l iv ing on inven to ry
In f lat ion on the hori zon
Cred i t s t il l somewhat res t ri c ted
Developed economies in dec l ine
Worse g lobal recess ion s ince 1938
Bad News
The World Economy - Uncertainty Continues.
Consumer Con fidence Ind ices imp rove around the wo rld Over-Suppl ied market envi ronment
Closu re o f h igh cos t underper fo rm ing capac it ies
Source: CMAI
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Market Conditions
2008 2009 Q1Demand for most petrochemicals was heavily
bottemed. Lately, however there is some rebound in
demand mainly driven by Asia (China and India)
Operating rates were greatly reduced, placing
mounting pressure on fixed costs of production.
All sectors are experiencing over-supply
challenges, even though some of the new capacity
has been delayed.
Demand is improving, feedstock prices aremoderating, margins are building up
Crude oil prices surged to $147 per barrel inJune, a leap of 40 percent from the beginning of the year,
Naphtha prices increased for the sixthconsecutive quarters, above $1,150/MT in mid-June.
Rising costs associated with rocketing energy
values forced prices higher, negatively impactingearnings all through the value chain.
In the second half; oil and naphtha prices tumbleddown to five year lows
Polymer producers suffered from the erosion of
margins, profitability collapsed.
Extremely poor demand forced companies to
reduce operating rates and temporarily close downplants
Due to increasing risks and volatilities, producers
are heading towards their domestic markets
Goverments’ stimulus packages including tax cuts
(e.g. VAT, excise tax) started to show on demand
side.
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General Overview of Turkey
Source: Investment Support and Promotion Agency
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BTC & BTE: A Major Role in Transportation of Oil and Natural Gas
PETKİM
CEYHAN
TBILISI
BAKUERZURUM
BTE
BTC
With a 50 mi l li on ton /year
capac it y, near ly 1768 km
long, Baku-Tbi l is i -Ceyhan oi l
p ipel ine t rans fer s Casp ian o il to wo rld mark ets .
With a 30 b il l ion cub ic m eters
n atu ral g as th ro ug hp ut cap acity ,933 km (580 mi les) long of Baku-
Tbil isi-Erzurum (BTE) pipel ine
tr an sfers Azer baijan i g as f rom t he
Shah Den iz-I f ield to Tu rkey v ia
Georgia
The min im izat ion o f t ranspo rtat ion cos ts
Dec reas ing f inanc ial cost s due to shor ter delivery
Supp ly secu ri ty and p ri ce s tab il it y
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PETKIM’s Landscape
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Company Overview• Established in 1965/Second complex commissioned in 1985
• The sole petrochemical producer in Turkey
• 25% domestic market share (2008) well positioned ingrowing markets
• US$ 227 mn revenue (2009 Q1)• US$ 18 mn EBITDA (2009 Q1)
• Naphtha, LPG, C4, Condensate
• Olefins, polyolefins, chlorine vinyl chain,
aromatics and other basic chemicals
• 15 main plants, 8 auxiliary units
• Located in Aliağa near Izmir
• Sit on a land of 1,900 hectares (4,700 acres)
• Port, water dam, power generation unit (220 MW)
• Adjacent to Tüpraş Aliağa Refinery
• About 2.9 mn. tons gross production(realized in 2008)
• About 3.2 mn. tons gross production
(planned for 2009)
PETKIM
FACILITIES
MAINFEEDSTOCK
PRODUCTS
PRODUCTION
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Closing price (TRY per share) 6,50
MCAP (TRYmn) 1.331
MCAP (USDmn) 870
Free float (%) 38.7%
PA
54,4%
Free Float
38,6%
Civil
Servants'
Pension
Fund
7,0%
PA
10,3%
Free Float
38,7%
SOCAR-
TURCAS
PETRO
CHEMICAL
COMPANY
51,0%
Petkim’s Ownership Structure
Petkim Share Information (30 June 2009) Shareholding structure beforePrivatization
Petkim’s Share Performance Shareholding structure after Privatization
In May 2008 the long-awaited privatization was realized. Socar&Turcas Consortium bid $ 2.04 bn.and ac uired 51 % of Petkim’s stake successfull
Relative Performance
50
60
70
80
90
100
110
120
J u n - 0 8
J u l - 0 8
A u g - 0 8
S e p - 0 8
O c t - 0 8
N o v - 0 8
D e c - 0 8
J a n - 0 9
F e b - 0 9
M a r - 0 9
A p r - 0 9
M a y - 0 9
J u n - 0 9
ISE 100 PETKIM
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Petkim’s privatization: a powerful symbol of economic cooperation
PETKIM
A b ridge l inking Caspian and the Aegean
SOCAR, a 100% state-owned company,
operating on extraction, refining,
transportation of oil, gas and gas
condensate A major shareholder in the 50million ton capacity BTC crude oil
pipeline, which transports 6,6 mn. cubic
meters of natural gas to Turkey
Turcas Petrol (Turcas), is a nationwide
petroleum products distribution company
operating on petroleum distribution, oil
refining, petrochemical production and
marketting, power generation, distribution
and trading, natural gas importation and
whosesale in energy markets
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Products and Capacity
PETKIM ALIAGA COMPLEX
START-UP 1985
PETKIMPETKIM
ALIAGA COMPLEX ALIAGA COMPLEX
STARTSTART--UP 1985UP 1985
TOTALCapacity 1,916,000 ton/yr
TOTALTOTAL
Capacity 1,Capacity 1,916916,000 t,000 toon/yrn/yr
Other Products1
Capacity 954,000 ton/yr
Other ProductsOther Products11
Capacity 9Capacity 95454,000 t,000 toon/yrn/yr
Fiber Raw MaterialsCapacity 249,000 ton/yr
FiberFiber Raw MaterialsRaw Materials
Capacity 249,000 tCapacity 249,000 toon/yrn/yr
Thermoplastics
Capacity 724,000 ton/yr
ThermoplasticsThermoplastics
Capacity 7Capacity 72424,000 t,000 toon/yrn/yr
1 Ethylene (520,000), VCM (152,000), PA (34,000), Chlorine(100,000), Benzene (134,000), MB (10,000), Plastic Products(4,000)
ETHYLENE 520
PROPYLENE 240C4 140
PY-GAS 390
AROMATICS33 346
BENZENE 160
P-X 136
O-X 50
CHLORINE 100
VCM 152
PVC 150
LDPE2 334
HDPE 96
PP 2 144
MEG 89
ACN 90
PTA 70
PA 34
Power (MW) 226
Product Capacity(thousand tons)
PLANT CAPACITY PLANT CAPACITY PLANT CAPACITY
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Petkim’s Today
Production Revenues
Production for Marketing (thousand tons)
Breakdown of Production for MarketingQ1 2009
1427 1409
335 307 294
1383
0,0
200,0
400,0
600,0
800,0
1000,0
1200,0
1400,0
1600,0
2006 2007 2008 Q1 08 Q4 08 Q1 09
Net Sales (mn $)
Breakdown of Sales RevenuesQ1 2009
PVC
12%
LDPE
21%
HDPE
7%PP
9% ACN7%
C5
5%
Benzene
9%
P-X
6%
Others
14%
PTA
3%
Py-Gas
7%
PVC
10%
LDPE
34%
HDPE
10%
PP
11%
ACN7%
C5
2%
P-X
6%
Others
10%
Benzene
3%
PTA
3%
Py-Gas
4%
1.5611.674
1.795
476
227278
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
2006 2007 2008 Q1 08 Q4 08 Q1 09
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Petkim’s Today
Others
1%
America
14% EU
Countries
54%
Asia-Far East
22%
Middle East-
Africa
9%
Benzen
27%
PTA
2%
P-X
7%Py-Gas
8%
Caustic
1%
ACN
4%
MEG
6%
Other
4%
C423%
PP
2%
PVC
2%
HDPE
2%
LDPE
12%
•Petkim products are exported to around 60 differentcountries
•Benzene, LDPE, Py-Gas and P-X are the main exportproducts, in Q4 2008 and Q1 2009, C4 was co-crackeddue to cost advantage
•The third exporter in chemical industry in Turkey
Share of export products in revenues 2008
Breakdown of exports by region 2008
Export Revenues by Years (mn $)
Exports
127
217
410358
523
143
7945
182
0
100
200
300
400
500
600
2003 2004 2005 2006 2007 2008 Q1 08 Q4 08 Q1 09
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Petkim’s Today
Increase in Productivity
Employees and per Capita Efficiency
0
100
200
300
400
500
600
2001 2002 2003 2004 2005 2006 2007 2008 2009
Q1
0
1000
2000
3000
4000
5000
6000
7000Net sales(US$000)/capita (Left axis)
Production for marketing (tons)/capita (Left axis)Employees (Right axis)
Production per capita hasincreased from 457
tons/capita in 2008 to
651 tons/capita in Q1
2009
Improving productivity and efficiency
Increasing capacity
with reduced number of employees
Ongoing restructuring at organizational level:
9 Assessing personnel efficiency with
benchmarks
9 Outsourcing of non-core activities
(catering, some support services)
completed.
9 Oursourcing of maintenance, after sales
services.
Plant maintenance, power generation, port
management are currently managed in-
house.
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76 68
44
19
43
25
52
19 1922
0
20
4060
80
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
Cash Bank Debt
Balance Sheet (US$ Million) (IFRS)
Key Financials
FX rates are 1 ,5123 TL/USD and 1,6880 for r 31 March 2009 and 31 December 2008 respect ively .
Cash&Bank Debt mn USD
Receivables, Inventories and Payables mn USD
31/12/2008 31/03/2009
149
58
115
293
19
1.123
19
11
43
115
146
89
60
897
1.123
166
13
317
1.053
19
121
45
185
57
811
1.053
Cash&Cash Equivalents
Trade Receivables
Inventories
Other Current Assets
Current Assets
Long-Term AssetsTOTAL ASSETS
Financial Liabilities
Payables
Trade Payables
Sort-Term Liabilities
Long-Term Liabilities
Shareholders’ Equity
TOTAL LIABILITIES
830 736
-300
-150
0
150
300
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09
Receivables Inventories Payables
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Key Financials
Income Statement (US$ Million) (IFRS )
31.12.2007 31.12.2008 Q1 2008 Q4 2008 Q1 2009
Net Sales 1.674 1.795 476 278 227
Cost Of Sales (-) (1.509) (1.822) (470) (303) (205) Gross Profit (Loss) 165 (27) 5 (25) 22
Operating Expenses (-) (77) (72) (22) (22) (7)
Other Operating Income/(Expenses),net (24) (3) (3) (4) (1)
Operating Profit/(Loss) 65 (102) (19) (51) 14
Financial Income/(Expenses), Net (5) (20) 6 (17) (2)
Profit/(Loss) Before Taxation 60 (122) (13) (68) 12
Deferred Tax (3) 5 1 4 (4)
Net Profit/(Loss) for the Period 57 (117) (12) (64) 7
Depreciation 75 83 21 18 17
Interest (Income)/Expenses
on Cash and Bank Debt(1) 6 (0) 7 1
Provisions 17 30 (2) 11 (12)
EBITDA 151 (2) 6 (32) 18
Average FX rates TL/USD 1,30151 1,29291 1,19658 1,53322 1,6495
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FOREIGN
CURRENCY
LONG TERM LONG TERM NATIONAL
May, 2009 BB- (negative) BB- (negative) AA- (tur) (negative)
September, 2008 BB- (stable) BB- (stable) AA- (tur) (stable)
January, 2008 BB (stable) BB (stable) AA (tur) (stable)
June, 2007 BB (stable) BB (stable) AA (tur) (stable)
April, 2007 BB (stable) BB (stable) AA- (tur) (stable)
February, 2006 BB- (stable) BB (stable) AA- (tur) (stable)
February, 2005 BB- (stable) BB (stable) A+ (tur) (stable)
DATE
LOCAL CURRENCY
Petkim’s Today
FITCH RATINGS
While many petrochemical companies’ credit ratings were downgradedall around the world, Fitchratings affirmed Petkim’s rating with BB-
and changed its outlook to negative due to Fitch’s anticipation
of economic slump weighing on global petrochemical sector
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Investment Highlights
Turkish Petrochemical Industry
PETK İ
M Dominant producer 25% market share
Market SizeUS $ 6-7 billion
1998-2008 CAGR Thermoplasticsdemand 8%
GDP 4%
Growth Potential in the Domestic Market
-20,0
-10,0
0,0
10,0
20,0
30,0
40,0
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
2 0 0 8
Growth in Plastics Demand GDP Growth
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TURKEY An attractive
market
0
1000
2000
3000
4000
5000
6000
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2015E
Thermoplastics
Fiber Raw
Rubber Raw
U.S.A 93 90 75W.Europe 75 78 69Turkey 40 45 43Republic of China 20 30 28World 24 25 24Brazil 22 23 25India 5 6 5
Petrochemicals Domestic Demand(tons)
Kg/capita 2006 2007 2008
Plastics Consumption per Capita
1998-2008 CAGRThermoplastics 8%Fiber Raw Mat. 3%Rubber Raw Mat. 8%
Large market size suitable for optimum
scale plants
New Refinery Projects in Turkey
“Integration Synergy”
One of thefastest growing
markets
Domestic Demand
Investment Highlights
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NEW INCENTIVE PACKAGE
• Incentive package has been announced by the government
• The following related sectors are within the scope of the package- Basic Chemicals >TL 1 bn- Other Chemicals >TL 300 mn- Refinery >TL 1 bn- Port and Port Services >TL 250 mn
- Pipeline Transportation
• Incentives include;- Corporate tax reductions (from 20% to 10%)- Social security premium waivers for two years
- VAT & Customs tax exemption
• The positive impact of incentive package on investment costis estimated as 10%.
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• Hydrocarbon rich owner (SOCAR)
• Experienced local owner inPetroleum market (Turcas)
• Vertical integration possibility to increase competitive power of Petkim with refinery investment
Feedstock Reliability
Investment Highlights
• Excellent locationand logistics
• Power and steamgeneration
• On the shore
• Next to the refinery • Existing infrastructure for
capacity expansion
A “supersite”
• Naphtha-LPG based fully integrated production resultsin a more diversified product
portfolio
• Well maintained assets• 10-year average capacity
utilization rate 93%
Production base
• Completed recent capacity
expansion debottlenecking
and modernizaiton at around
US$ 500 million.
Capacity increase
• Energy saving
• Operational excellence
• Business TransformationProgramme
• ERP implementation
• EFQM Total Quality Management
• Performance Management
• Suggestion and Reward System
Restructuring
• One of the fastest growing
markets
• One of the biggest importers of
petrochemicals
Turkish Market
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GROWTH PLAN
UPSTREAM
Secure andreliable feedstock
Refinery
(Socar-Turcas)
DOWNSTREAM
• wide product range
• specialty chemicalswith high value
added
ENERGY PRODUCTION
LOGISTICS
&
TRADE
Growth Plan and Strategy
Potential Investment Areas
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Growth Plan and Strategy
GROWTH PLAN
Short Term Growth Plans
Mid to Long Term Growth Plans• Capacity expansion/ debottlenecking• Business Transformation Program• Feedstock Flexibility• Energy Saving/cost reduction
• Logistics• Sales and Marketing• ERP Project• Trading Activities
• Upstream investments(SOCAR-TURCAS)• Downstream investments• Energy –Wind Turbine• Logistics (Harbour, railway.)
Petkim has a general strategy of increasing market share and high customer satisfaction
VISION 2018
To become a regionalforce in the petrochemical
sector
40% of Market Share in2018
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Feedstock Flexibility Energy Logistics
TradingSales&Marketing
BusinessTransformation
Capacity increase
• Cut of excise tax on LPG
• Increasing LPG utilization in feedslate of cracker
•Utilization of Fluid Catalytic Cracking(FCC) and C4 stream
• Energy saving program
• Opportunity for importing NGfrom Azerbaijan
• Feasibility study for 47,7 MWpower generation from wind
•Dual fuel feature
• New distribution centers
• Increased transportation by rail
• Increased sales delivered tocustomers
• Harbour expansion studies for container and RORO transportation
• Capability for storage facilitiesleasing
Meeting the total needs of customers
• Increased product trade
• Trading will be conducted bothfrom Aliaga and new logisticcenters
• New financial option topromote selling activities
Capacity increase by:
•Ethylene and Thermoplaticsrevamping
•Debottlenecking and modernization
•Maximizing asset utllitization
Short Term Growth Plans
Reviewing the current performance
Assessing the potential improvementareas in organization, maintenance,energy, Cracker&Aromatics, HSE andoperations
• Improving IT infrastructure with ERP
and intergrated ManufacturingExecution System (MES)
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GROWING WITH “UPSTREAM” INVESTMENTS
REFINERY FOR FEEDSTOCK SUPPLY
Mid to Long Term Growth Plans
TO REACH %40 MARKET SHARE WITH
“DOWNSTREAM” INVESTMENTS
Constructed by SOCAR& TURCAS
•Creation of synergy by vertical integration•Feedstock reliability for Petkim•Additional revenue from services provided to the refinery
Petkim has enough infrastructure and land for these investments
There is a double digit demand growth in Turkish chemical markets
Petkim will take the advantage of increasing competition power in global
markets by created synergy
New investment opportunities will be seeked with the domestic and foreign firms.
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We welcome your questions, comments and suggestions. Our corporate headquarters office address is:
Petkim Petrochemical Holding Corp. PO. Box.12 Aliağa, 35801 İzmir/ TURKEY
To contact us with respect to shareholding relations for individual and corporate investors, please call directly or sendan e-mail to
Ms. Füsun UGANFinance Manager Tel :+90 232 616 1240 (Ext:4575)Direct :+90 232 616 6127E-mail :[email protected]
Mr. C. Şafak AYIŞIĞI Assistant General Manager (Finance)Tel :+90 232 616 1240 (Ext: 2150)Fax :+90 232 616 2297E-mail :[email protected]
Mr. Kenan YAVUZGeneral Manager Tel :+90 232 616 3645Direct :+90 232 616 3642Fax :+90 232 616 3680E-mail :[email protected]
Also, please visit our web site at www.petkim.com.tr for further information and queries.
Investor Relations
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PETKİM GUZELHISAR WATER DAM PETKİM PORT
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¾ PETKİM PETROKİMYA HOLDİNG A.Ş.GENERAL MANAGEMENT
ALİAĞA – İZMİR / TURKEY¾ Phone: +90-232-6161240 (20 lines)
+90-232-6163240 (20 lines)
¾ Fax: +90-232-6161248+90-232-6161439+90-232-6162490
¾ Web site : www.petkim.com.tr , E-mail: [email protected]
Petkim Flow Diagram
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Azerbaijan and Turkey Strategic Projects
Baku-Tbilisi-Ceyhan oil pipeline (BTC)
Natural gas pipeline “Şahdeniz”
Railway project between two countries
“Petkim project”
Turkey and Azerbaijan have many strategic corporations planned and realized up to now
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Baku-Tbilisi-Ceyhan* COPLProject
Turkey-Greece NGTL
Project
Transcaspian Turkmenistan-Turkey Europe NGTL Project
Azerbaijan-Turkey NGTLProject
Iraq-Turkey NGTL Project
Egypt-Turkey NGTL Project
Turkey-Bulgaria-Romania-Hungary-Austria NGTL
Project (Nabucco Project)
Eastern Black Sea NGTL
Western Black Sea Project
Natural Gas Underground
Storage Project
Source: Investment Support and Promotion Agency
Turkey: A Regional Energy Hub
.
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Azerbaijan & Turkey
Turkey and Azerbaijan are strategic partners. Azerbaijan have crude oil and natural gas
sources which Turkey do not have.
Turkey and Azerbaijan partnership will providemany opportunities for Turkey and for Petkim
SUPPLY SECURITY
FOR TURKEY
DEMAND SECURITY
FOR AZERBAIJANENERGY
SECURITY ++
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Petkim’s privatization: a powerful symbol of economic cooperation
PETKIM
A br idge linking Casp ian and the Aegean
Turkey’s first privately-owned distribution co.Turkpetrol and Lubricant Oils (founded in1931) teamed up with British Castrol to layfoundation of Turcas Petroleum in 1988. After merging with Tabas in 1999 renamed asTurcas Petrol, working in petroleumdistribution, oil refining, petrochemical
production and marketting, power generation,distribution and trading, natural gasimportation and whosesale in energy markets
urcas Petrol (Turcas), is a nationwide petroleum productsistribution company operating on petroleum distribution,
il refining, petrochemical production and marketting,ower generation, distribution and trading, natural gasportation and whosesale in energy markets
The State Oil Company of AzerbaijanRepublic, SOCAR, is a 100% state-owned company with the activities of extraction, refining, transportation of oil, gas and gas condensate, and saleof oil and gas products. Amajor shareholder in the 50 million toncapacity BTC crude oil pipeline, whichtransports 6,6 mn. Cubic meters of natural gas to Turkey
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PETKIM PORT
2008
GENERAL CARGO HANDLING : 1.251.029 TON
LIQUID CARGO HANDLING : 1.794.029 TON
PLANNING
2015 TARGET
GENERAL CARGO/BULK HANDLING CAPACITY: 3.000.000 TON/YEAR LIQUID CARGO HANDLING CAPACITY : 6.000.000 TON/YEAR CONTAINER HANDLING CAPACITY : 500.000 TEU/YEAR VEHICLE HANDLING CAPACITY : 140.000 CEU/YEAR
2026 TARGET
GENERAL CARGO/BULK CAPACITY : 3.000.000 TON/YEAR LIQUID CARGO HANDLING CAPACITY : 10.000.000 TON/YEAR CONTAINER HANDLING CAPACITY : 1.200.000 TEU/YEAR
VEHICLE HANDLING CAPACITY : 140.000 CEU/YEAR
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