SOCAR considering project on construction of ORP in Turkey

SOCAR considering project on construction of ORP in Turkey

Azerbaijan, Baku, Sept. 17 / Trend E.Ismayilov /

SOCAR (State Oil Company of Azerbaijan) is considering a project on the construction of the oil refinery plant (ORP) near the Turkish Petkim petrochemical complex, whose 51 percent of stakes belong to SOCAR in alliance with Turcas, a senior official of SOCAR said.

"SOCAR is still considering the plans to build a plant," the source said.

It will be possible to talk about the decision on the construction and the beginning of the construction of the plant only after the very deep analysis into market, oil quality and the cost of transportation by pipeline, rail and shipping transport. "Therefore, it is impossible to say at once when the decision will be made and when the plant will be built," the source added.

Under the primary estimates, the necessary investments in the construction of the ORP may be predicted at $3 billion, but it is only projections, there are many factors that may influence the final figure," the other senior official of SOCAR said earlier.

The volume of investments will also depend on the capacity of the plant. At present, the preliminary designed capacity of a new plant is about 8-10 million tons per year.

Earlier, SOCAR has considered two options for building the ORP in Turkey, one of which was to be located in Ceyhan and the second near Petkim. However, currently the company prefers to construct the ORP near the petrochemical complex.

The plant will meet Petkim's needs in raw materials. The rest of the oil will be sold in the local market and in Europe. The construction of the plant will require at least three or four years to complete.

SOCAR/Turcas/Injaz/ Projects acquired 51% share of Petkim chemical concern at $2.04bln. Turkey currently imports 70-75% of the necessary chemical products, but SOCAR/Turcas/Injaz investments to development of Petkim enable to reduce import of products to 30%.

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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