Today.Az » Business » Company head: SOCAR to launch refinery construction in Turkey in October
12 August 2011 [17:11] - Today.Az
SOCAR intends to start building a new refinery complex in Turkey in October this year, SOCAR head Rovnag Abdullayev said at a meeting with participants of SOCAR Scholarship Program for 2007-2015, summer practice and students studying abroad within the state program.
The investments worth $5 billion will be required for the construction.
This plant will be built to meet the needs of the large petrochemical complex Petkim, where SOCAR also has equity participation.
The capacity of the new plant will be 10 million tons of raw materials. It is expected to be completed in 2015.
The construction of the plant will meet the needs of petrochemical complex in raw materials and sell finished products on the Turkish market.
The alliance between SOCAR and Turcas Petrol /Injaz Projects won a tender in 2008 to buy a 51percent stake in chemical projects, offering$2.04 billion.Now Turkey imports 70-75 percent of its demanded chemical products. Investments in the development of Petkim will reduce imports by 30 percent.
The Petkim Petrokimya Holding manufacturesplastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products andexports a quarter of the production.
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