Azerbaijan, Baku, July 27 /Trend E. Ismayilov /
SOCAR completes the engineering process of a new refinery in Turkey. This plant will be built to meet the needs of the large petrochemical complex Petkim, where SOCAR also has equity participation, a source at SOCAR said.
A source said that the work within the plant construction is conducted according to a plan.
"The engineering phase is under completion," a source said. "The negotiations are held with banks. Everything is going according to a plan."
The starting date of the refinery construction was not called because of their uncertainty. However, it is assumed that they will begin in September this year.
The capacity of the new plant will be 10 million tons of raw materials. It is expected to be completed in 2015.
The construction of the plant will meet the needs of petrochemical complex in raw materials and sell finished products on the Turkish market.
The alliance between SOCAR and Turcas Petrol /Injaz Projects won a tender in 2008 to buy a 51 percent stake in chemical projects, offering $2.04 billion. Now Turkey imports 70-75 percent of its demanded chemical products. Investments in the development of Petkim will reduce imports by 30 percent.
The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products andexports a quarter of the production.