SOCAR focuses on project of oil refinery construction in Turkey
Azerbaijan, Baku, June 7 / Trend, A. Maratov, E. Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) will consider creating or purchasing a finished network of gas stations in Turkey upon completing the constructing of an oil refinery near the Turkish Petkim Petrochemical Complex, in which SOCAR holds shares, SOCAR head Rovnag Abdullayev said in Astana.
Earlier SOCAR and the Austrian company OMV signed a memorandum of understanding on bilateral cooperation. One of the areas of possible cooperation is in the retail sales market of oil products on the Turkish market.
"We are not considering purchasing a gas station's network from OMV yet, as now we are working on the project of constructing an oil refinery near Petkim. Upon completion of this project, we will begin to consider creating a network of gas stations or purchasing the finished network," Abdullayev said.
In regard to the construction of the oil refinery in Turkey, Abdullayev said that talks are now underway with financial institutions to draw funds to finance the project, after which construction will begin.
Construction of the oil refinery, with a capacity of 10 million tons per year, is scheduled for completion by 2014. About 8,000 workers are planned to be involved in the construction. About 650 people will be employed after commissioning the oil refinery.
The cost of the new oil refinery, which SOCAR plans to build to meet the Petkim petrochemical complex's demand for raw materials, is projected at $4.8-$5.2 billion
An oil refinery in Turkey will be built to meet Petkim petrochemical complex's needs in straight-run gasoline, which now the company acquires on the open market.
The oil refinery will also produce aviation kerosene and diesel fuel to be sold on Turkey's domestic market, as well as exported.