Azerbaijan, Baku, Oct. 25 / Trend , A.Tagiyeva, E.Ismaylov/
A ceremony laying the foundations of a petrochemical complex Petkim, in which the Azerbaijan State Oil Company of the Azerbaijan Republic (SOCAR), has a share, took place today in the Turkish city of
Izmir, Petkim told Trend over phone on Tuesday.
JV "SOCAR-Turcas", in which SOCAR has a 75 per cent stake, owns 51 per cent of the shares in this, the largest Turkish petrochemical complex Petkim. The new refinery will be primarily focused on providing raw material.
The amount of investment needed to build the oil refinery will hit $5.5 billion . and the total capacity, 10 million tons. Oil products produced at the plant will be used to meet Petkim and the Turkish domestic market's needs, as well as countries of the Mediterranean region.
The alliance between SOCAR and Turcas Petrol /Injaz projects resulted in them winning a tender in 2008 to buy a 51 per cent stake in various chemical projects worth $2.04 billion. Now Turkey imports 70 to 75 per cent of its chemical products. Investments in the development of Petkim will reduce that figure by 30 per cent.
The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.