SOCAR
SOCAR Turkey Energy has announced it will break ground on the construction of a new petrochemical industrial complex in Turkey in the first half of 2020. The estimated investment stands at €1.6-billion and will take the form of a joint venture with BP.
SOCAR Turkey CEO Zaur Gahramanov said the new complex, which will be called Mercury, will be built alongside the company's STAR refinery in the Aliaga district.
Mr Gahramanov stressed that the proximity of the new plant, together with its future joint operations with the STAR refinery and SOCAR’s Petkim industrial complex would increase productivity and competitiveness.
In December 2018, SOCAR and BP signed a memorandum of understanding to create a joint venture for the construction and management of the petrochemical complex in Turkey.
The project provides for the construction of the complex in the Aliaga district that will produce 1.25 million tonnes per year of purified terephthalic acid (PTA), 840,000 tonnes of paraxylene (PX) and 340,000 tons of benzene.
PTA is the main raw material in the production of polyester, from which containers for drinks and food, packaging materials, photos and film, and other consumer goods and industrial products are obtained.
The complex is expected to be commissioned before the end of 2023.
SOCAR Turkey, a subsidiary of SOCAR, the Azerbaijani state oil company, and having pumped nearly €18-billion into the country, is one of the largest foreign investors in the Turkish economy.
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