Azerbaijan, Baku, Dec. 1 / Trend, E.Ismayilov /
A new oil refinery company of SOCAR in Turkey may start in mid. 2011, a source in SOCAR told Trend.
"At present, engineering work is being conducted within the project," a source said.
He said that necessary documentation will be completed in early 2011. Construction work may begin in mid. 2011.
Earlier SOCAR's representative said the laying of an oil refinery in Turkey is scheduled for summer of 2011. According the plant, construction work will be completed by 2014. The new plant's capacity will be 10 million tons per year. According to the plans, it will be constructed by 2014.
The new refinery is built to meet the needs of the Turkish petrochemical complex Petkim, in which SOCAR has equity. The construction involves making investments to the amount of $3,5-5 billion.
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.