SOCAR to Build Big Refineries in Turkey – Head of SOCAR
Azerbaijan, Baku, 12 January /corr. Trend S. Aliyev/ State Oil Company of Azerbaijan (SOCAR) plans to build big refineries in Turkey with a capacity of 20 to 30 bln. per year, Rovnag Abdullayev, the President of SOCAR said in the Cabinet of Ministers meeting presided over by the President of Azerbaijan Ilham Aliyev and dedicated to socio-economic development of Azerbaijan in 2007 and the tasks for the 2008
SOCAR's program includes the construction of the refinery in the Turkish port Ceyhan and the second oil refinery plant of the Turkish oil and gas company Petkim.
Investments by the alliance SOCAR/Turcas/Injaz for modernizing the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in the market of Turkey from the current 27% to 40%. The investments of the alliance over the next 1-2 years may make up $50-60bln.
Turkey currently imports 70-75% of the necessary chemical products, but developing Petkim, the investment alliance SOCAR/Turcas/Injaz will provide an opportunity to increase the import up to 30%. The annual increase of chemical product demand in Turkey makes up 12%.
Investments may pay for themselves in the next 5-6 years, everything will depend on the market, the SOCAR reported. SOCAR/Turcas/Injaz alliance intends to construct a refinery near Petkim for supplying raw material to the enterprise. Initially the capacity of the refinery will make 6mln tons of oil per year.