Petkim Completes Initial Feasibility Study for New Project Involving Process Unit Installations and Facility Modernization
Foreks - Petkim (IS:PETKM) has completed the initial feasibility study for a new project that involves the establishment of new process units and the modernization of the existing aromatic complex, phthalic anhydride, low-density polyethylene units, and utility facilities. According to the statement made to KAP by the company, this new project (hereinafter referred to as "Master Plan") aims to establish new process units (ethylene, polypropylene, high-density/linear low-density polyethylene) and modernize the existing aromatic complex, phthalic anhydride, low-density polyethylene units, and utility facilities, provided that all necessary approvals are obtained after completing all evaluations.
In this regard, the company has completed the initial feasibility study. At this stage, it is planned to proceed to the Pre-FEED (Pre-Engineering Design Preparation) phase to conduct a detailed technical and commercial analysis of the Master Plan, followed by the FEED (Front-End Engineering Design) stage. The statement included the following information: "Our company also aims to work on (i) project structure, (ii) various financing and legal alternatives, (iii) identifying necessary steps including investment/financing, and (iv) these issues/steps. Following the completion of these studies and evaluations, the final decision regarding the Master Plan investment will be submitted to the approval of the Board of Directors and other relevant authorities. In this framework, the Board of Directors of our company has decided to: 1. Carry out detailed studies to determine the necessary technical, legal, and financial structure for the implementation of the Master Plan project, evaluate various alternatives in this context, obtain consultancy services including project management, legal and financial consultancy, and sign contracts with relevant firms regarding these matters, 2. Initiate engineering studies including Pre-FEED and FEED related to the Master Plan and begin various technical procedures regarding the preliminary steps of the Master Plan, and sign contracts with the relevant firms regarding these matters, 3. Assess the status of our Chlor Alkali, MEG, VCM, PTA plants, and other plants if necessary (in terms of various alternatives) as a result of the aforementioned studies and determine various options, including reassigning employees working at the relevant plants to other roles and evaluating options for using or selling the existing equipment and spares at the relevant plants in other facilities, 4. Identify the official permits and other applications to be made within the scope of the Master Plan, and 5. Submit the final decision regarding the Master Plan investment to the Board of Directors and other relevant authorities for approval after the completion of the aforementioned studies and evaluations." Significant developments regarding this matter will be shared with our investors.