SOCAR plans to establish company in Turkey to sell oil products

Oil&Gas Materials 22 June 2012 19:42 (UTC +04:00)

Azerbaijan, Baku, June 22 / Trend E. Ismayilov /

SOCAR plans to establish a company in Turkey to sell oil products in the near future, SOCAR vice-president on economic issues Suleyman Gasimov told media during a meeting with members of the Caspian-European Integration Business Club (CEIBC) today.

"The company plans to invest about $15 billion in Turkey in the nearest future," Gasimov said.

He said that about $5-6 billion of this amount are planned to be spent to construct the refinery STAR in Izmir, the remaining part - to implement the Trans-Anatolian gas pipeline project, to reconstruct the container port Petkim, construct a power plant, as well as to create a company to sell oil products.

About $9 billion will be invested in the development of the site including construction of a refinery, a power station (worth $ 1 billion) and a container port ($300 million). The rest of the investments will fall to the TANAP gas pipeline project. At present preparation work is underway to start the refinery construction, head of SOCAR Turkey Energy and board member of the petrochemical complex Petkim Kenan Yavuz said earlier.

The total capacity of the refinery is 10 million tons and oil products produced at the plant will be delivered to meet the needs of the chemical concern Petkim and the Turkish domestic market.

Previously on March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim, increasing the stake up to 61.32 per cent.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC, detergents, being the only Turkish producer of such products, a quarter of which the company exports.