Azerbaijan, Baku, Oct. 7 / Trend E. Ismayilov /
The foundation of SOCAR's new oil refinery company will be laid in Turkey in spring 2011, SOCAR senior representative said.
The total capacity is 10 million tons. Currently, negotiations are held with potential owners of technologies. The preparation of detailed engineering will be launched.
"The detailed engineering may take place next year. The foundation will be laid," SOCAR representative said.
He said that according to the plans, the construction work will be completed by 2014.
The new refinery is built to meet the needs of the Turkish petrochemical complex Petkim. SOCAR has equity participation.
SOCAR's alliance with Turcas Petrol / Injaz Projects has won a tender in 2008 to sell 51 percent stake of chemical concern Petkim, proposing $2.04 billion. Turkey imports 70-75 percent of the necessary chemical products. Investments of SOCAR / Turcas / Injaz made to the development of Petkim will reduce imports by 30 percent.
SOCAR / TURCAS Rafineri AS received a license from the regulator of the energy market in Turkey for the construction of the refinery in early June. Capacity of the new plant will be 10 million tons per year, of which 4 million tons will be delivered to the needs of Petkim in raw materials. The rest part, in particular diesel fuel, jet fuel and other energy resources will be sold on the markets of Turkey and Europe.