ECONOMY


SOCAR reveals launch date of new refinery in Turkey

Baku, January 7 (AZERTAC). The State Oil Company of Azerbaijan (SOCAR) is planning to launch a new oil refinery in Turkey in 2016, President of SOCAR Rovnag Abdullayev said.

“The consortium for the implementation of construction work, scheduled to begin next year, has already been identified,” he added.

Up to six billion dollars will be sent to back the construction of a new oil refinery in Turkey. The work will be partly financed by shareholders` funds (30 per cent) which will equal $1.8 billion, while the rest will be financed through bank loans.

The main purpose of this enterprise is to provide raw materials for the Petkim petrochemical complex, a share of which is owned by State Oil Company of Azerbaijan (SOCAR).

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