SOCAR to be Turkey’s largest industrial company by 2023

Baku, Azerbaijan, Nov. 5

By Emil Ismayilov - Trend:

SOCAR Energy Turkey intends to become the largest industrial company in Turkey by 2023, SOCAR Energy Turkey head Kenan Yavuz said at the second forum Nov. 5 dedicated to OGPC (a project of establishing a new oil and gas processing and petrochemical complex in Azerbaijan).

He said that the company's total turnover by 2023 will amount to $30 billion. In 2018 this figure is expected to reach $15 billion.

"The company is currently implementing a number of large projects in Turkey, namely, the construction of an oil refinery, a container port and electricity generation facilities," Yavuz said.

He said that a new refinery "Star" is expected to be commissioned in early 2018. Afterwards, the company will turn into the second largest industrial company in Turkey.

SOCAR and a consortium of Tecnicas Reunidas SA, Saipem SpA, GS Engineering & Construction Corp and Itochu companies signed an EPC- contract (Engineering, procurement and construction) in May 2013, to construct the Star refinery.

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

The annual production of naphtha at the Star factory, used by Petkim petrochemical complex, in which SOCAR has equity participation, will account to 1.66 million metric tons as the main raw material.

Along with naphtha, the new oil refinery will produce diesel fuel with ultra-low sulfur to the amount of 5.95 million metric tons, aviation kerosene - 500,000 metric tons, reformate - 500,000 metric tons, petroleum coke - 630,000 metric tons, liquefied gas - 240,000 metric tons, mixed xylene - 415,000 metric tons, olefin LPG - 75,000 metric tons and 145,000 metric tons of sulfur. The refinery will not produce petrol and fuel oil.

Some $475 million were allocated from the State Oil Fund of Azerbaijan to finance this project. The total cost of the project on the construction of SOCAR's refinery in Turkey exceeds $5 billion. Around $3.29 billion will be drawn from 23 financial institutions.

Turkish petrochemical complex Petkim and Dutch company APM Terminals signed an agreement on construction of a container port with the capacity of 1.5 million TEU in February 2013. APM Terminals will be entitled to manage the port for 28 years. A container port is planned to be completed by late 2014 - early 2015. The project will cost $ 400 million.

A power station of Petkim petrochemical holding is planned to be constructed in Izmir in 2016. The power station will be put into operation the same year.

SOCAR includes Azneft (a production association of enterprises that produce oil and gas on land and sea), Azerkimya (a production association of chemical industry enterprises) and Azerigas (deals with distribution of gas in the country).

The company also includes a number of processing and service enterprises, and institutions involved in geophysical and drilling operations.

SOCAR is the sole petroleum products manufacturer in Azerbaijan with two oil refineries. The company owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

edited by CN

Kazakhstan’s KMK Munay decides against paying out dividends for 2020
Kazakhstan’s KMK Munay decides against paying out dividends for 2020
Kazakhstan's revenues from maritime cargo transport surge
Kazakhstan's revenues from maritime cargo transport surge
Geostat reveals Producer Price Indices for services in Georgia
Geostat reveals Producer Price Indices for services in Georgia
Loading Bars
Latest
Armenia doesn't comply with clause of Nov.10 statement on restoration of economic and transport ties – Azernews
Support to Eastern Partnership states - key pillar for European Council, Charles Michel says
Azerbaijan joins initiative of single roaming space between Eastern Partnership countries
Turkish Airlines receives permission to operate flights to number of Uzbek cities
Kazakhstan’s KMK Munay decides against paying out dividends for 2020
Kazakhstan's revenues from maritime cargo transport surge
High freight rates significantly raise global prices of commercial ships
Central Bank of Iran allocates funds for import of vaccines
Iran's Energy Exchange announces products to be on sale on April 21
Geostat reveals Producer Price Indices for services in Georgia
Turkmenistan boosts imports of Turkish-made chemicals
Uzbekistan, France agree on deepening interaction in textile industry
Boeing CFO Smith to retire in July
Georgia increase tea import from Azerbaijan
Czech Development Agency talks projects in Georgia
Georgia sees increase in Export Price Index
Domestic Producer Price Index for Industrial Products up in Georgia
Number of oil, gas wells drilled in Iran revealed
Kazakhstan's exports to Bulgaria plummet
Iran's Esfarayen Industrial Complex to increase exports
Azerbaijani payment system to offer instant digital banking cards
Russian iron and steel works company reveals supplies of metal production to Uzbekistan
Baku Higher Oil School organized a webinar on the topic 'Higher Education and Research in the Post-COVID Period' (PHOTO)
PACE can offer support for establishment of lasting peace in South Caucasus - SecGen
Israel's government debt jumped to nearly NIS 1t in 2020
TAP’s gas deliveries for Q1 2021 disclosed
Swiss investments in Azerbaijan concentrated in non-oil sector – Swiss ministry
Azerbaijan names number of vaccinated citizens
Iran to receive vaccine through COVAX
Iran increases salaries for army personnel
Producer Price Index for Industrial Products up in Georgia
Iranian private sector to import 6 million doses of COVID-19 vaccine
Iran to implement extensive and maximum vaccination plan - President Rouhani
Budget provides continued support to Georgian economy - IMF mission
Azerbaijan confirms 2,197 more COVID-19 cases, 1,946 recoveries
Georgia sees decrease in external debt
Pakistan always supports Azerbaijan's just position - Pakistani Admiral
Bahar Azadi gold coin price still falling in Iran
Chairman of Iran Tea Organization talks about tea growing
Russia ready to help Kazakhstan in construction of nuclear power plant
Israeli journalists visit roadside inn in Azerbaijan’s Fuzuli, turned into barn by Armenians during occupation (PHOTO)
Uzbekistan taking additional measures to develop karakul sheep breeding
US company to build cannabis farm in Uzbekistan
France’s Orano to develop new mining sector in Kazakhstan
National Bank of Georgia remains focused on achieving its inflation target
Azerbaijan's International Bank discloses 1Q2021 net profit
Turkmenistan joins WIPO Patent Law Treaty
Armenia outraged by Russian PACE delegates refusal to discuss so-called "issue of POWs”
Electricity generation of Iran's hydroelectric power plants to decline
Azerbaijan's 1Q2021 polyethylene production slightly down
Russian Railways to build high-speed railway entries to Moscow, St. Petersburg by 2024
UAE central bank extends some stimulus measures until mid-2022
President Aliyev interviewed by Azerbaijan Television (PHOTO)
Important to observe int’l law to avoid such conflicts as Karabakh one in future - Chancellor of Germany
UK eases post-Brexit controls on vehicles taking goods to the EU
PayPal's Venmo launches crypto buying and selling
Iran's shares data on sale of public assets
President Ilham Aliyev attends inauguration of Azersun Shamakhi Agropark in Hajigabul (PHOTO)
Iran expects revival of JCPOA in short term
Liabilities of International Bank of Azerbaijan increase
Sinovac supplied 260 mln COVID-19 vaccine doses globally
Azerbaijan names number of foreign visitors in 1Q2021
Elbit Systems awarded $41m US Marines night vision deal
Price of wheat purchased from farmers in Iran increases
President Ilham Aliyev launches 110/35/10 Kv “Garasu” substation in Hajiqabul (PHOTO)
Baku-Tbilisi-Ceyhan’s oil transportation to Turkey down y-o-y
Kazakh oilfield construction company opens tender to buy pipes
SOCAR sums up Kulevi oil terminal’s Q1 2020 performance
Total assets of International Bank of Azerbaijan increase
Iran declares value of exports from cooperative enterprises in Razavi Khorasan Province
Uzbekistan plans introducing charter flights to popular destinations
Companies from Russia’s Smolensk begin to export products to Azerbaijan
Iran reveals COVID-19 data for April 20
Amount of registered Iranian companies in Turkey down
Khazar Consortium in Turkmenistan opens tender for equipment purchase
Azerbaijani banks' foreign currency demand disclosed
Border checkpoint between Iran, Pakistan to be opened
SOCAR’s petrochemical complex to significantly increase sales – Yapi Kredi
French EDF eyes building pumped-storage power plant in Uzbekistan
Turkmenistan's Turkmenhimiya extends tender for turnkey plant construction
Major Iranian companies boost iron ore pellets production
India hopeful US will soon end curbs on Covid vaccine raw materials export
BRO upgrades crucial 110 feet long bridge on India's Leh-Sarchu Road in 8 days
73,600 Covid vaccination centres operational in India on Monday, highest till date
J&J Seeks India's Permission For Phase 3 Trial Of 1-Shot Vaccine: Report
IAF chief RKS Bhadauria visits France as Rafale deliveries gain pace
Covid-19 vaccines for all adults in India from May 1, says Centre
Solar panel stations launched in Iran
Azerbaijan sees surge in 1Q2021 manufacturing of tobacco products
Kazakhstan boosts trade turnover volume with Austria
Yapi Kredi reveals forecasts for SOCAR’s Petkim
EAM Jaishankar speaks to US Secretary of State, exchanges views on Covid, UNSC agenda
Iran sees increase in car manufacturing
Azerbaijan issues data on 1Q2021 oil exports to India
President Ilham Aliyev attends presentation of agropark owned by Agro Dairy LLC in Hajigabul (PHOTO)
Israel logs Indian COVID-19 variant, sees some vaccine efficacy against it
Turkey discloses info on cargo movement via Cesme port for 2M2021
President Ilham Aliyev watches sowing process in farmer Elshan Khalilov’s cotton field
Germany raises import of Turkish-made furniture
Several facilities put into operation in Iran’s Parand New City
All news