Petkim Petrochemical Complex, owned by Azerbaijan’s State Oil Company SOCAR in Turkey has been ranked among the 18 new factories of the future drive impact in the Fourth Industrial Revolution, according to the World Economic Forum’s latest report.

The new report outlines insights into driving innovation, digital transformation and scale while also supporting sustainability and reskilling efforts.

“This 35-year-old petrochemical facility embarked on a digital journey to drive value creation. Self-developed artificial intelligence algorithms optimize process and product pricing by analysing billions of production scenarios, resulting in an earnings before interest and taxes improvement of more than 20%,” the report says.

Turkey’s first petrochemical plant “Petkim Holding” was established in 1965. SOCAR purchased 51 percent stake in Petkim for $ 2.04 billion, at the end of privatization process in 2008. Over $ 760 million has been invested to improve Petkim over these years. Petkim currently meets around 20 percent of Turkey’s petrochemical needs.

Read more:   Carlos Ghosn: Interpol issues 'red notice' for Nissan ex-boss's arrest

SOCAR continues its activities in Turkey with the name of “SOCAR Turkey Energy Inc.” (STEAŞ), since May 30, 2012.

With a gross production volume of 3.6 million tons/year, Petkim is currently one of the largest companies in the sector and one of Turkey’s leading exporters.