MOSCOW (MRC) -- BP and Azeri state energy company SOCAR plan to start construction of a new petrochemical plant in Turkey at the end of 2020, SOCAR’s Turkey Enerjji project director said, said Businessturkeytoday.
BP and SOCAR signed an agreement for the construction of the plant in 2018.
"A tender for the design of the complex has been announced and three companies are taking part in it ... Results will be announced next month," Emil Alkhasly told Reuters.
He said that construction was expected to be completed by 2023.
Capacity is designed to be 1.250 million tones of purified terephthalic acid, 840,000 tonnes of paraxylene and 340,000 tonnes of benzene.
The cost of the project is expected to be USD1.8 billion.
SOCAR is known as the largest foreign investor in Turkey with a total investment of USD 19.5 billion to include Star refinery in Izmir that cost of USD 6.3 billion
MRC