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Construction work on a refinery project in Turkey to start in mid-2012

August 22/2011

(ICIS) -- Construction work on a major new joint venture refinery project in Turkey costing an estimated USD 5bn (EUR 3.5bn) is likely to start in mid-2012, sources close to the scheme said on Friday. The 214,000 bbl/day refinery is being developed by SOCAR & Turcas Energy, a joint venture involving Azerbaijani state energy company SOCAR and Turkish state firm Turcas Petrol, at Aliaga on the Aegean coast.

The two partners are also major shareholders in Turkish petrochemical firm Petkim Petrokimya. The new refinery will be built at Petkim's existing Aliaga petrochemical production complex. Petkim plans to double its petrochemicals capacity to 6.3m tonnes/year before 2018, and the refinery will be a key source of feedstocks for the planned expansion.

Construction work on the refinery is scheduled to start by the end of 2011 and the plant will be commissioned in 2015, SOCAR & Turcas Energy CEO Kenan Yavuz said in an interview with local media on Thursday.

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