Amount of Investments for Development of Petrochemical Complex of SOCAR in Turkey

Oil&Gas Materials 22 January 2007 16:43 (UTC +04:00)

The President of the State Oil Company of Azerbaijan SOCAR, Rovnak Abdullayev, said in his interview with AzTV that the amount of the investments for the SOCAR-Turcas Energy Joint-Stock Company has been defined in amount of $5 bln. According to him, the SOCAR plans to carry out the sale of the oil products and gas in the Turkish market. Azerbaijan, as owner of the part of oil exported via Baku-Tbilisi-Ceyhan to Turkey, may direct it to refinery and sell oil products in the Turkish market. In addition, SOCAR does not exclude that part of oil products may be exported to other countries, he said.

At the beginning of December, Rovnag Abdullayev, President of SOCAR and Erdal Aksoy, President of Turkish Oil Company Turcas signed a protocol on establishment of a new joint-stock company. SOCAR prepared a wide plan on cooperation to supply international market with the gas produced from the gas condensate field Shahdaniz. Initial cost of the project to be implemented in this field reach $1 bln and the main aim is to construct a large scale oil refinery plant in Ceyhan in 4 years. The annual capacity of the forthcoming plant is expected to reach 20 mln. Azerbaijan will possess 51% out of the initial investments, where as Turkey вЂ" 49%.

Presently the initial processing of the project is being carried out. It is intended to manufacture chemical products in this complex in the future.