As reported by the Department of Public Relations, Organization for Investment, Economic and Technical Assistance of Iran, quoting from Pars News, a Turkish firm is making spectacular profits through purchasing the shares of Iranian Petrochemical Company, Razi.
Based on the news released by Anatolian news agency the Turkish Gubretas company, a producer of fertilizers for 58 years, bought out 95 percent of the shares of Razi Petrochemical Company. The buyout resulted in fundamental changes in the financial operations of the company, reversing losses of 72 million liras to profits of 122 million liras in the same period this year.
General Manager of the company, Mehmet Koca, in his interview with Sabah newspaper stressed that Iran is the main factor for the company’s success. In the first 9 months this year, a net profit of 122 liras was achieved, 104 million coming from Iran.
He stipulated that, thanks to investment in Iran, the company gained the fastest financial growth and economic profit among Turkish companies.
Based on the report, Ankara has frequently reiterated expansion of trade and economic transactions with Iran. The Turkish president, Abdullah Gul, on his visit to Iran last month, asked the merchants and business people of his country to boost their trade transactions with Iran. He said that expansion and promotion of economic and trade cooperation with Iran is of graet importance to his country. Recep Tayyip Erdogan, Turkish Prime Minister also announced that Turkey aims at tripling the volume of her trade transactions with Iran in the course of next 5 years.
Trade transactions between Iran and Turkey amounts to 10 billion dollars per annum and Turky is trying to increase it to 30 billion in 2015.