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SOCAR to invest in a new refinery

June 08/2011

(News.Az) -- Azerbaijan's state oil company SOCAR is to invest over USD 6bln in a new refinery and sea port for Turkish petrochemicals company Petkim. SOCAR holds the majority of shares in the Turkish petrochemicals company. The ground-breaking ceremony for the new refinery in Izmir will be held in September or October this year, Petkim representative Serkan Aksuyek told a press conference in Baku. He said that Turkish and Azerbaijani officials, including the Turkish prime minister and Azerbaijani President Ilham Aliyev, were expected to attend the ceremony.

Aksuyek said that SOCAR would spend USD 4.5-5bn on construction of the refinery which will have an annual capacity of 10m tonnes of oil.

SOCAR is planning to invest USD 350m in a sea port in the region and investments in all Petkim's structures will exceed USD 6bn, the representative said. After this, Petkim will become one of the biggest companies in Turkey and Europe in this sphere.

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