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FID on joint petrochemical project of SOCAR Turkey and BP postponed to 2021

Oil&Gas Materials 10 April 2020 15:57 (UTC +04:00)
FID on joint petrochemical project of SOCAR Turkey and BP postponed to 2021

BAKU, Azerbaijan, April 10

By Leman Zeynalova - Trend:

The final investment decision on the joint petrochemical complex project that is planned to be implemented in the Private Industrial Zone in Aliaga, Izmir, by SOCAR Turkey and BP has been postponed to 2021, said Zaur Gahramanov, CEO of SOCAR Turkey, Trend reports citing Turkish media.

“There will be some delays in our investment calendar. We were also affected by the drop of oil prices to $20 per barrel. Prices ranging from $20 to $30 per barrel had a major impact on our and our partners' investment plans. We were planning to make the final investment decision of our second petrochemical plant at the end of 2020, but due to falling oil prices, we postponed the final investment decision to the last quarter of 2021,” he said.

BP and SOCAR Turkey signed a heads of agreement (HoA) in 2018 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 STAR refinery and major Petkim petrochemicals site.

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