Azerbaijan, Baku, Feb. 28 / Trend /
SOCAR and its alliance partners in Turkish petrochemical holding Petkim expect to receive an initial license in early March for establishment of an oil refinery to provide raw material for the holding, a source near the work said.
Earlier, SOCAR, which in alliance with Turcas Petrol and Injaz Projects possesses 51 percent participation share in Petkim, announced a bid on preparation of a feasibility study for the refinery construction project. SOCAR established a subsidiary SOCAR and Turcas Rafinery A.S. for the realization of project.
The refinery will provide virgin gasoline to Petkim. At least four years are required for the construction of the refinery. The investments in the refinery are estimated at $4-5 billion. The capacity of the plant will be 8-10 million tons per year.
The production share of Petkim in Turkey's market makes up 25-27 percent. However, this indicator is planned to be increased to 40 percent. Currently active work is realized to transform this petrochemical complex into a leading enterprise in the region.