Azerbaijan, Baku, 30 October / Trend , corr. E.Ismayilov/"The SOCAR-Turkas Rafineri company is founded for construction of the oil refining in Turkey. The construction of the oil refining is necessary to provide the chemical Petkim hldig with raw materials," a high ranking official from the State Oil Company of Azerbaijan (SOCAR) said.
"We created a special company in Turkey to implement a project and applied to the corresponding organizations to receive permission," the official of SOCAR added.
The oil refining will provide the holding with virgin petrol. The plant will be constructed within four years. The initial amount of investments into the plant was $4-5bln. The plant's capacity is 10mln tons per year. The construction works are expected to be finished in 2012.
SOCAR also plans to construct one more oil refining in the region of the port of Ceyhan, which is expected to provide the domestic market in turkey. The representative of SOCAR said that the company had changed the sequence of construction of the two oil refining.
"We plan to construct the oil refining first for Petkim and later in Ceyhan," the representative of SOCAR said.
The Turkish Government received three applications for construction of the oil refining in the port of Ceyhan. There are three groups of companies willing to construct the oil refining. The first is the Turkish Calik Enerji, Kazakh KazMunaygas and Indian Oil India. The second is the Turkish Turcas and Azerbaijani SOCAR. The thirds is the Turkish Petroil offici and Austrian OMV.
The oil refining will produce all sorts of high-antiknock fue l, black oil, diesel fuel, aviation kerosene and oil and chemistry products. Today's the oil product demand in Turkey is over 32mln tons per year. The available five plants produce 26.5mln tons of oil products, and the rest part the country is imported from Russia and Italy. In accordance with the specialists forecast, the oil product deman in turkey will increase to 34mln tons to 2010 and 43mln tons in 2012.
SOCAR/Turcas/Injaz acquired 51% share of the holding at $2.04bln. Turkey currently imports 70-75% of the necessary chemical products, but after developing Petkim. Investments by the alliance SOCAR/Turcas/Injaz to modernize the production capacity of the Turkish Petrochemical Holding Petkim will increase the enterprise's share in Turkey's market from the current 27% to 40%.The annual increase of chemical product demand in Turkey totals 12%. The alliance intends to invest $10bln in the enterprise in the next seven to eight years
Petkim Petrokimya Holding is specialized in the production of plastic packages, fabric, detergents and is the sole producer of these goods in Turkey, exporting one fourth part of its output.
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