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SOCAR to start oil refinery construction in Turkey in autumn

Oil&Gas Materials 25 July 2011 16:05
The State Oil Company of Azerbaijan (SOCAR) plans to start construction of a new oil refinery in Aliaga Industrial Zone in the Turkish city of Izmir in autumn, SOCAR Foreign Investments Department head Vagif Aliyev said at a meeting with Turkish journalists, Today's zaman reported.

Azerbaijan, Baku, July 25 / Trend, A. Badalova /

The State Oil Company of Azerbaijan (SOCAR) plans to start construction of a new oil refinery in Aliaga Industrial Zone in the Turkish city of Izmir in autumn, SOCAR Foreign Investments Department head Vagif Aliyev said at a meeting with Turkish journalists, Today's zaman reported.

This plant is needed to meet the Turkish Petkim Petrochemical Complex's needs in raw materials, in which SOCAR has a share.

Construction of the oil refinery, expansion of the existing petrochemical plant and construction of a power plant is expected to cost $5 billion.

Petkim received a license to construct the oil refinery last year.

About 10,000 people will be involved in the construction of the enterprise. After its commissioning, 1,000 people will work there.

The new plant's capacity will hit 10 million tons of raw materials. The construction of the oil refinery is expected to be completed in 2015.

Petkim's plans also include expansion of the Aliaga Port. The company is in talks with the Dutch operating company for its expansion and commissioning. The capacity of container port will amount to one million TEU (twenty-foot equivalent), and bulk cargo - 20-25 million tons.

Aliyev said after commissioning the oil refinery other investment projects will start, one of which is the construction of a wind power plant. The company's statement on annual production of 25 megawatts of electricity has already been approved.

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.

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