Baku, Azerbaijan, April 30
By Leman Zeynalova – Trend:
The project for construction of a petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey will replace 1 million tons of purified terephthalic acid (PTA) imported by Turkey, said Vagif Aliyev, Chairman of the Board of Directors of SOCAR Turkey and Petkim.
He noted that the company's investments continue to focus on the Turkish petrochemical and refining sectors with the new $1.8 billion petrochemical project, Trend reports citing Daily Sabah.
Aliyev said they will start producing the 800,000 tons of imported p-Xylene (PX) products in Turkey.
He pointed out that it is planned to launch the new facility by 2023 and the foundations of the facility will be laid at the end of 2019 or in 2020.
The fact that the plant will be located very close to raw material and infrastructure resources obtained from other SOCAR facilities will provide a great advantage in terms of competition, according to Vagif Aliyev.
"With large refinery and petrochemical plants built in Aliağa, we will continue to contribute to the economies of Turkey and Azerbaijan, two brother countries. We will also unabatedly continue our investments so that Turkey achieves a strong position among global energy players," he said. Stressing that Petkim, the sole integrated petrochemical plant in Turkey, can meet only 20 percent of the market, Aliyev said, "We have a very important opportunity to increase this share. For this reason, petrochemical and refining industries have the lion's share in our investments."
BP and SOCAR Turkey, a subsidiary of the Azerbaijani state oil company SOCAR, signed a heads of agreement (HoA) to evaluate the creation of a joint venture that would build and operate a world-scale petrochemicals complex in Turkey.
The facility will be located at SOCAR Turkey’s Private Industrial Zone in Aliaga, which includes the recently-inaugurated STAR refinery and major Petkim petrochemicals site.
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