DUBLIN--(BUSINESS WIRE)--Research and Markets(http://www.researchandmarkets.com/research/98dee7/turkey_petrochemic) has announced the addition of the "Turkey Petrochemicals Report Q4 2011" report to their offering.
Turkey's petrochemicals imports are surging amid a growth in domestic consumption that is driving strong economic growth, according to BMI's latest Turkey Petrochemicals Report.
Turkish plastic imports grew strongly in Q111 due to manufacturing growth. In March, the country imported 420,000 tonnes of polymers: the highest monthly level in over 10 years. There was a slight decline in April when imports totalled 370,000 tonnes, although on a year-on-year basis imports were up 16.4%. The rising value of the euro against the US dollar affected the competitiveness of Eurozone products on the Turkish market, leading to an increase in market share for producers in the Middle East and the US.
This potential is driving investment by SOCAR in the privatised Turkish petrochemicals company Petkim, which it acquired as part of a consortium in 2008. SOCAR has recently raised its stake in the controlling consortium from 51% to nearly 75%. Around US$3.0-3.5bn will be invested in the construction of a 200,000b/d refinery, due to be completed by 2015, with a significant proportion of the rest invested in downstream activities as well as infrastructure. SOCAR is committed to transforming Petkim into an export-oriented company, with better access to European markets. It plans to invest a total of US$10bn in Petkim's operations over the next seven to eight years.
Manufacturing capacity utilisation rates should reach pre-crisis levels by end-2011. However, capacity constraints and the return to normality in key export markets will reduce growth rates to 5-6% over the following four years. This should lead to a decline in petrochemicals import growth, and as new petrochemicals plants come online imports will decline.
Companies Mentioned:
- DuPont (Advansa)
- Petkim
- Turkish Petroleum Refineries Corporation (Tpras)
For more information visit http://www.researchandmarkets.com/research/98dee7/turkey_petrochemic