Azerbaijan, Baku, Feb.10 / Trend, A.Akhundov/
Turkish Prime Ministry Undersecretariat of Treasury issued an incentive document for SOCAR & Turcas Refining to invest $2,703 billion (4.315 billion TL). The list of incentive documents issued by Turkish Treasury in December, 2010 was published in the Turkish official newspaper Resmi Gazete on Wednesday.
SOCAR (State Oil Company of the Azerbaijan Republic) owns 51 percent of joint venture company SOCAR & Turcas Energy, subsidiary company of which SOCAR & Turcas Refining obtained from the Energy Market Regulatory Authority (EMRA) of Turkey a "Refinery and Storage License" for the oil refinery to be installed at Aliaga Industrial Zone in Izmir.
The refinery to be installed within the Petkim site will have crude processing capacity of 10 million tons per annum. The refinery will provide definite amount of fuel products currently imported for domestic consumption while supplying LPG, Light Naphtha and Mixed Xylenes to Petkim petrochemical complex, in which SOCAR has an equity.
According to the newspaper Zaman, the Aliaga refinery will produce 300,000 tons of LPG, 1.6 million tons of naphta, 500,000 tons of jet fuel, 6 million tons of low sulfur diesel, and 500,000 tons of petroleum coke. Around 650 people will be employed at the refinery.
Head of Petkim Hayati Ozturk told Trend earlier, in 2011 the company will invest $100 million in productivity of own businesses.
The investments will be aimed at maximizing production capacity, upgrading technology and increasing productivity and reducing energy consumption.
Petkim Petrokimya Holding includes 16 companies, including companies producing ethylene, polyethylene, low density polyethylene, polypropylene, acrylonitrile, fragrances, ethylene and other petrochemical products.
Ozturk said the company achieved record levels of sales and production over the 45-year history.
Despite the fact that the global financial crisis has affected the production of petrochemicals in the world, Petkim completed production rates at 92 percent in 2010.