Petkim listed among 18 new factories of future drive Impact in fourth industrial revolution
Moscow. Petkim petrochemical facility of Azerbaijan’s state oil company SOCAR in Turkey has been listed among 18 New Factories of Future Drive Impact in Fourth Industrial Revolution, reads the report released by the World Economic Forum (WEF), Trend reports.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported. The production capacity of Petkim is 3.6 million tons per year.
Petkim shareholders are SOCAR Turkey Petrokimya AS (51 percent), Goldman Sachs (7.68 percent), and other shareholders (41.32 percent).
“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 percent,” said the report.
The report says that by using artificial intelligence (AI) and advanced analytic tools, the plant achieved significant yield and throughput improvement.
“Along with the most financially impactful use cases, many additional digital enablers’ projects have been put in place, including a virtual reality HSE training and assessment programme, along with maintenance operations using Fourth Industrial Revolution technology,” said WEF.