SOCAR reveals planned amount of investment in petrochemical complex in Turkey
By Leman Mammadova
The investment cost of the joint project of the Azerbaijani State Oil Company SOCAR and BP for the construction of a petrochemical complex in Turkey will be approximately $1.5-2 billion, General Director of SOCAR Turkey Energy Zaur Gahramanov said, Trend reports via Turkish media.
He noted that the start of construction of a new petrochemical complex SOCAR in Turkey is scheduled for the second half of 2019.
“We expect the enterprise to be commissioned at the end of 2022,” he added.
Earlier, BP and SOCAR Turkey (a subsidiary of the SOCAR) signed a heads of agreement (HoA) to evaluate the creation of a joint venture that would build and operate a world-scale petrochemicals complex in Turkey.
The facility would produce 1.25 million tons per annum (tpa) of purified terephthalic acid (PTA), 840,000 tpa paraxylene (PX) and 340,000 tpa benzene.
The enterprise will be created in the Special Industrial Zone on the Aliaga Peninsula, where the STAR oil refinery and Petkim petrochemical complex also operate today, owned by SOCAR Turkey.
The State Oil Company of Azerbaijan Republic (SOCAR) is one of the world's 50 largest oil companies. SOCAR's mission is to ensure the energy security of the Republic of Azerbaijan. Established in 1992, SOCAR aimed at manage Azerbaijan's oil resources on the basis of a single state policy, to improve the management structure of the oil industry and to ensure the development of fuel and energy complex.
SOCAR is the sole producer of petroleum products in Azerbaijan owning over 370 filling stations in Georgia, Ukraine, Romania and Switzerland.
SOCAR carries out its activity in Turkey through SOCAR Turkey. So far, SOCAR Turkey has invested over $14 billion in the Turkish economy. Meanwhile, 5,000 people work in the company, while the export potential reaches $3 billion.
STAR is the biggest investment made by private sector in Turkey. SOCAR has a controlling stake (51 percent) in the Petkim petrochemical complex since 2008. Star Oil Refinery that is the first Turkey-specific Industrial Zone opened in October 2018. Refinery will supply Petkim with raw materials. It is expected that Star will launch production of its first products this month.
Meanwhile, SOCAR hopes to complete the purchase of Turkish assets of the German energy giant EWE in the first quarter of 2019.
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