ECONOMY


SOCAR reveals planned amount of investment in petrochemical complex in Turkey

Baku, January 15, AZERTAC

The investment cost of the joint project of the Azerbaijani State Oil Company SOCAR and the British company BP for the construction of a petrochemical complex in Turkey will be approximately $1.5-2 billion, General Director of SOCAR Turkey Energy, Zaur Gahramanov, has said in an interview with the Turkish media.

The start of construction of a new petrochemical complex SOCAR in Turkey is scheduled for the second half of 2019, Gahramanov said.

According to the SOCAR official, the expected launch date is late 2022.

To note, 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 would be located at SOCAR Turkey`s Private Industrial Zone in Aliaga, which includes the recently-inaugurated STAR refinery and major Petkim petrochemicals site.

SOCAR Turkey has so far invested over $14 billion in the Turkish economy.

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