Socar to launch oil refinery build in Turkey in Oct.
Azerbaijani state energy firm Socar will start construction of a new oil refinery in neighboring Turkey in October, the company’s head has said.
Rovnag Abdullayev told the governing Yeni (New) Azerbaijan Party’s (YAP) website that the refinery, with annual capacity of 10 million tons, will fully meet the demand for raw materials of Turkish major petrochemicals group Petkim, which is controlled by Socar.
The cost of construction operations, due to be completed in 2015, is initially estimated at $5 billion, he said.
Abdullayev said that along with Turkey, produce of the refinery is to be exported to the Mediterranean and southern Europe markets.
Azerbaijani-Turkish joint venture Socar-Turcas, run by Socar, in 2007 bought 51 percent of stock in Petkim, one of the largest petrochemical enterprises in the region with a strategic importance for Turkey, for $2.04 billion.
Turkey currently imports up to 75 percent of its chemical products, but Socar-Turcas’ investments in Petkim will allow to reduce the figure to 30 percent.
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