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BP, SOCAR Turkey enter into licensing agreement

28 February 2018 15:19 (UTC+04:00)
BP, SOCAR Turkey enter into licensing agreement

By Kamila Aliyeva

BP and Azerbaijan’s SOCAR TURKEY ENERJI A.S. (SOCAR Turkey) have entered into a licensing agreement for BP’s latest generation purified terephthalic acid (PTA) technology, according to the company’s message.

SOCAR Turkey intends to deploy the technology in its new 900,000 tons per annum (tpa) unit at Aliaga, Turkey, expected to come on stream by 2023 once the final investment decision is taken.

“BP is committed to providing products and solutions to help our customers reduce their carbon footprint. We are proud to build on BP’s long-standing relationship with SOCAR Turkey to license and deploy this technology into their facility in Turkey. This is a testimony to the advantages of BP’s technology,” said Rita Griffin, chief operating officer, BP Petrochemicals.

“This investment is highly strategic for us, fulfilling our intent to create a value chain by integrating our newly-announced aromatics complex adjacent to the STAR refinery and PETKİM plant in Aliaga with the most competitive PTA technology. This will create the most competitive asset in Turkey and the Middle East and will serve the high demand for PTA in Turkey and surrounding regions,” said Emil Eminov, SOCAR Turkey chief operating officer.

PTA is the primary feedstock for polyesters used in the textile and packaging industry.

BP Petrochemicals’ PTA technology has significantly lower capital and operating costs when compared with other PTA technologies. The technology is more energy efficient, uses less water and produces less solid waste than similar technologies on the market. BP Petrochemicals continues to invest in proprietary PTA technology to maintain its position as a market leader and technology of choice. New innovations are available to licensees.

SOCAR TURKEY ENERJI A.Ş (SOCAR Turkey) is a subsidiary of SOCAR, the State Oil Company of the Azerbaijan Republic, and is Turkey’s largest foreign investor with its total investment to reach $19.5 billion by 2020.

At the same time, SOCAR’s group companies in Turkey, namely Petkim, STAR Refinery, Petlim Container Terminal and Trans-Anatolian Natural Gas Pipeline (TANAP) represent the largest-scale investment that Azerbaijan has ever made to a single country.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

Follow us on Twitter @AzerNewsAz

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