Executive director of SOCAR & TURCAS: $5bn to be invested in construction of SOCAR refinery in Turkey
Azerbaijan, Baku, June 11 /Trend, E.Ismayilov/
The process of granting licenses to SOCAR (State Oil Company of Azerbaijan) for the construction of the refinery near a large petrochemical complex Petkim passed without delay, said the executive director of SOCAR & TURCAS, a board member of the Petkim complex Kenan Yavuz. The company also co-owns petrochemical complex Petkim.
Recently, SOCAR has received a license from the regulator of the energy market in Turkey for the construction of the refinery.
According to Yavuz, $5 billion are invested in the construction of the new refinery. It is expected to be put into operation in 2014.
Building refineries with capacity of 10 million tons per year will begin soon. The construction of the plant will involve 7-10,000 people, and after the beginning of its activities, the plant will employ 1,000 people, said Yavuz.
The biggest asset of SOCAR in Turkey is a petrochemical complex Petkim, and now all the work here is done on the construction of the refinery needed to provide the complex with raw material.
Of the 10 million tons of products that will be produced in the refinery, 4,000,000 tons will be directed to the raw materials needs of Petkim. The remaining products, particularly diesel fuel, kerosene and other energy resources will be sold in the markets of Turkey and Europe.
In 2008, the alliance between SOCAR and Turcas Petrol / Injaz Projects has won a tender to sell 51 percent stake of chemical concern Petkim, offering $2.04 billion. Now Turkey imports 70-75 percent of the necessary chemical products. Investments of SOCAR / Turcas / Injaz to the development of Petkim will reduce imports by 30 percent.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC, detergents. It is the only Turkish producer of such products. The company exports a quarter of the production.