Azerbaijan, Baku, Feb.4 / Trend /
SOCAR issued a tender to conduct a project feasibility study to construct an oil refinery to supply raw material to the Turkish petrochemical holding company Petkim, a source at SOCAR said.
SOCAR owns a 51-percent stake in Petkim together with Turcas Petrol and Injaz Projects.
SOCAR established a subsidiary named Turcas Refinery to implement the project.
The oil refinery will provide Petkim chemical enterprises with petrol. The plant's construction will take at least four years to complete. Roughly $5 billion will be invested in the project. The plant's production capacity is nearly 8-10 million tons per year.
Petkim holds a 25-27-percent share in the Turkish market. This figure is expected to hit 40 percent. Presently, work is underway to make the company the leader in the region.