BAKU, Azerbaijan, Jan.7
By Leman Zeynalova – Trend:
Turkish subsidiary of Azerbaijan’s state oil company SOCAR continues its additional investment project worth $600 million at Star Refinery, said Chief External Affairs Officer at SOCAR Turkey Energy Murat LeCompte.
“The project, which was launched over the past months, envisages increasing the storage capacity of Star Refinery from 1.6 million cubic meters to 2.5 million cubic meters,” he told Turkchem, Trend reports.
He went on to add that another investment project is the new petrochemical plant to be built jointly with another company in Aliaga, Izmir.
“Like other projects, it will also have a strategic importance. With the commissioning of this plant, Turkey’s imports of purified terephthalic acid (PTA) are expected to be reduced to zero,” said LeCompte.
He noted that field work on the project, which is expected to cost $1.8 billion, will start in 2020.
SOCAR is represented in Turkey by its subsidiary SOCAR Turkey Energy. So far, SOCAR Turkey Energy has invested $15 billion in the Turkish economy.
The total refining capacity of the refinery will be 10 million tons, and Azerbaijan’s state oil company SOCAR is the main supplier of crude for the refinery. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.
The refinery worth $6.3 billion, built by SOCAR in the Aliaga District of Izmir, will produce 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur.
---
Follow the author on Twitter:@Lyaman_Zeyn
