BAKU, Azerbaijan, Feb.8
By Leman Zeynalova – Trend:
SOCAR Turkey and UK-based Ineos are in talks over the petrochemical project that was previously agreed with BP, said Head of the SOCAR Turkey Refinery and Petrochemicals Business Unit and General Manager of Petkim Anar Mammadov, Trend reports.
“One of the serious changes in our sector in 2020 was BP’s sale of its petrochemical business to Ineos. BP totally abandoned the petrochemical sector. We expect our partner for this investment to be Ineos, if this company shows interest. Talks between SOCAR Turkey and Ineos are underway. We expect feasibility studies to be completed in Q2 2021. Afterwards, we expect the two companies to make a decision,” he told Bloomberg TV.
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.
The complex will produce 1.25 million tons of purified terephthalic acid (PTA), 840,000 tons of P-Xylene (PX) and 340,000 tons of benzene annually, reads the report. The plant will reduce Turkey's PTA import to zero.
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