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Turkeys dependence on oil and oil products will be reduced

August 16/2011

(Trend) -- Kenan Yavuz, a board member at Turkeys leading petrochemical producer Petkim and CEO of SOCAR-Turcas Petrol, said on Monday that upon the completion of Izmirs Aliaga oil refinery field, Turkeys dependence on oil and oil products will be reduced by billions of dollars per year, Todays Zaman reported.

"When we complete the construction of the USD 5 billion Petkim Aliaga refinery, which will happen by 2015, its total oil extraction capacity will be 10 million tons a year. [At Aliaga] we will produce naphtha, fuels for jetliners, low-sulfur diesel fuel, liquid petroleum gas and other petrochemicals of which Turkey is presently a net importer, which should reduce Turkeys current account deficit (CAD) by billions of dollars," Yavuz said.

It is planned to start construction of a new oil refinery in Aliaga Industrial Zone in the Turkish city of Izmir in October 2011. This plant is needed to meet the Turkish Petkim Petrochemical Complexs needs in raw materials, in which SOCAR has a share.

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