According to today's Wall Street Journal, Turkey's economy shrank by 13.8% in the first quarter of 2009 compared to last year. This is an astonishing performance and is bound to have had a negative impact on demand for chemical products.
Turkey has, historically, had a large polymer deficit and relies heavily on imports. With the long-delayed privatisation of the country's largest company, Petkim, now complete a large investment programme is underway. Will this be put on hold?
In May, ICIS reported that Turkey should expect its largest petrochemical company Petkim to meet 40% of domestic petrochemical demand by 2015 compared to the current 25%. Capacity is scheduled to double to 6.3m tonnes/year from 3.2m tonnes/year within six years.
51% of Petkim is owned by the State Oil Company of Azerbaijan (Socar), Turkey's Turcas Petroleum and Saudi Arabia-based developer Injaz Projects.
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