The growth in demand for refined oil products and the increasing demand for transport fuels, particularly diesel fuel, are the key characteristics of Turkey's petrochemical market, according to Hayati Ozturk, Head Advisor of SOCAR Turkey.
Ozturk, speaking at the conference of Central Eastern Europe and Turkey Refining and Petrochemicals in Izmir said that Turkey's petrochemical market is one of the fastest growing markets worth US$8.7 billion and the second biggest attractive market after China for petrochemical exports. He also stated that Turkey became the second largest plastic producer in Europe after Germany in 2013, and the seventh largest in the world with 8.1 million tons in 2013.
'Asia and North America are currently the leading producers of refined oil products, and in 2013 accounted for 30 percent and 26 percent of the total supply respectively. The increased additional refining in Asia and in the Middle East will dominate future growth,' he said in his opening speech at the conference.
'The 21st century is seeing a paradigm shift from West to East in the pertrochemical business with the Middle East emerging as global production hub with its natural advantages of low cost feedstock. The major consumption centers are shifting to Asia. The U.S. is back in the game thanks to the cost advantage enabled by low cost shale feedstock,' he added.
The SOCAR Energy company Turkey, has the biggest private direct investment in Turkey.
By Muhsin Baris Tiryakioglu
Anadolu Agency