Azerbaijan, Baku, Sept. 19 / Trend E.Ismayilov /
The cost of the new refinery to be constructed by the State Oil Company of the Azerbaijan Republic (SOCAR) in Turkey and thus ensure the needs of the Petkim petrochemical complex, will be $5-$5.5 billion, SOCAR President Rovnag Abdullayev said.
Construction of the new facility is scheduled to begin in late October
Its total processing capacity will be 10 million tons per year.
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 needed chemical products. Investments in the development of Petkim will reduce imports by 30 percent.
In 2010, Petkim's production reached a record level-3.24 million tons of oil, and exports amounted to $531 million. Petkim also has the capacity to produce 226 megawatts of electricity through steam and gas turbines.