BAKU, Azerbaijan., July 9.Azerbaijan's state oil company SOCAR and Technip Energies Italy S.p.A. have signed a memorandum of understanding, SOCAR said.
The document envisages the identification of potential areas of cooperation within the framework of the Petkim Master Plan project.
The agreement was signed during a meeting between SOCAR President Rovshan Najaf and Technip Energies Italy Chief Executive Carlo Corso.
"The companies discussed expanding cooperation in petrochemical projects, including the use of flexible feedstock solutions aimed at improving productivity and energy efficiency. They also reviewed opportunities for Technip Energies Italy to participate in SOCAR's international projects and explored potential partnerships in green energy and decarbonization initiatives", SOCAR said.
SOCAR and Technip Energies highlighted their long-standing cooperation and the need to identify new areas of collaboration to deepen commercial ties, the statement said.
PETKİM PETROKIMYA HOLDING said it has advanced to a new phase of the work being carried out under its master plan announced in December 2024, according to a filing with Turkey's Public Disclosure Platform (KAP).
"Pre-FEED (pre-front-end engineering design) stage for the project was completed successfully at the end of 2025. The project includes the construction of new ethylene, polypropylene, and high- and linear low-density polyethylene units, as well as the modernization of the existing aromatics complex, phthalic anhydride and low-density polyethylene units, and supporting facilities," reads a message from Petkim.
Petkim said it has now begun preparations to move into the FEED (front-end engineering design) phase, regarded as one of the most critical engineering stages before a final investment decision. It is planned to finalize FEED-related agreements in the third quarter of 2026, after which engineering work is expected to begin.
"The FEED stage is one of the most important phases in large-scale industrial projects prior to a final investment decision. During this stage, the project's technical design, technologies, engineering solutions, cost estimates, implementation plan, and economic feasibility will be assessed in detail. The results of the FEED work will provide the technical and commercial basis for any future investment decisions under the master plan, while reiterating that implementation of the investment remains subject to further evaluations and regulatory approvals," the company added.
