Baku, Azerbaijan, Jan. 29
By Sara Israfilbayova - Trend:
The new petrochemical complex, a joint project of SOCAR and BP, is designed to serve the production of polyester packaging and the textile industry, which are developing in Turkey, Director General of SOCAR Turkey Zaur Gahramanov said in an interview with Trend.
Gahramanov noted that Turkey has the integrated petrochemicals complex Petkim, which can cover only 20 percent of Turkey’s demand for petrochemicals.
"Therefore, Turkey needs to invest more in this sector. And taking into account this fact, we decided to create a new petrochemical complex," he said.
The director general noted that the start of construction of the new petrochemical complex of SOCAR in Turkey is scheduled for 2H2019, and added that if there is no change, it will be commissioned in late 2022.
The investment value of the joint project will be approximately $1.5-$2 billion, he said.
"Thus, SOCAR’s share in the petrochemical market of Turkey will increase, and Turkey’s need to import petrochemicals will decrease. All our projects in Turkey are aimed at this," Gahramanov said.
Further, he noted that SOCAR has new procurement plans.
"We work with APM Terminals, a part of the Danish company A.P. Moller-Maersk. APM Terminals set up a company to manage Petlim. We bought that company. SOCAR Turkey will now manage Petlim, but our cooperation with APM Terminals will continue," Gahramanov noted.
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.
SOCAR is represented in Turkey by its subsidiary SOCAR Turkey Energy. So far, SOCAR Turkey Energy has invested over $14 billion in the Turkish economy. Meanwhile, 5,000 people work in the company and its annual export potential reaches $3 billion. Among SOCAR’s current assets in Turkey are the Petkim petrochemical complex, the STAR refinery and the Petlim port.
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