SOCAR to build new oil refinery in Turkey

A foreign company is estimating the influence on the environment, as well as plant's preliminary feasibility study. The official did not call the name of the foreign company.

"The construction works re expected to be commenced in 2010," the official added.

The cost of the project is $3 billion. However, there are factors that may further affect the final figure, the official said.

The amount of investments will depend on the power of the plant. The initial power is about 8-10 million tons per year.

Earlier, SOCAR considered two versions of construction of oil refining plant in Turkey, one of which should have located in Geyhan and the second near Petkim. The oil refining near Petkim is more priority.

The new plant will provide Petkim with virgin gasoline. The construction period will cover four years.

Currently, Petkim provides 25-27 percent of production at Turkey's market. The index is planning to increase to 40 percent.

/Trend Capital/