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SOCAR launched a new refinery construction in Turkey

October 26/2011

(Trend) -- A ceremony laying the foundations of a petrochemical complex Petkim, in which the Azerbaijan State Oil Company of the Azerbaijan Republic (SOCAR), has a share, took place today in the Turkish city of Izmir, Petkim told Trend over phone on Tuesday.

JV "SOCAR-Turcas", in which SOCAR has a 75 per cent stake, owns 51 per cent of the shares in this, the largest Turkish petrochemical complex Petkim. The new refinery will be primarily focused on providing raw material.

The amount of investment needed to build the oil refinery will hit $5.5 billion, and the total capacity, 10 million tons. Oil products produced at the plant will be used to meet Petkim and the Turkish domestic market"s needs, as well as countries of the Mediterranean region.

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