SOCAR to create a company for fuel distribution in Turkey
Azerbaijan, Baku, Feb. 7 / Trend T. Tagiyeva
SOCAR Turkey Enerji (Turkish division of Azerbaijan State Oil Company) plans to participate in the distribution of oil products in Turkey, managing director of the SOCAR Turkey company Kenan Yavuz told Anadolu news agency on Tuesday.
Upon construction of the oil-refining company, SOCAR Turkey Enerji can cooperate with one of the existing distribution networks in Turkey. The cooperation with Shell Turcas will be important in this regard because Shell Turcas is co-owner of Star oil-refining company in Izmir," he said.
For this purpose, SOCAR can create a new company for the distribution of fuel or purchase another company, he added.
Earlier, SOCAR got a license for wholesale of natural gas in the domestic market in Turkey.
The group of the energy market regulation in Turkey issued the license for a term of 30 years.
Previously, an agreement was reached with Turkey on the acquisition and subsequent sale of gas to Turkey in the amount of 1.2 billion cubic meters a year.
Tender for the construction of the Star oil-refinery plant will be announced in the third quarter of this year, Yavuz added. The participation of the major international companies is expected.
The products obtained by the Star plant will be used in power plants, which SOCAR plans to build. These power plants with capacity of 600 megawatts will meet the needs of Petkim petrochemical holding.
SOCAR plans to invest $17 billion in the Turkish economy by 2018. As much as $7 billion will be invested in the TANAP pipeline, and $10 billion - in the Petkim petrochemical holding.
SOCAR company is the co-owner of Petkim. Previously, SOCAR Turkey Enerji started building a new oil-refinery plant in Turkey to meet Petkim needs in raw material.
Petkim Petrokimya Holding produces plastic packing, fabric, PVC and detergents, being the only manufacturer of such products in Turkey, a quarter of which company exports.
Currently, the share of Petkim on the petrochemical market is 25 percent, but it will be increases to 40 percent as a result of conducting relevant work.