Published On: Sun, Apr 28th, 2019

BP and SOCAR to invest US$ 1.8 billion for new petrochemicals plant in Turkey

BP and SOCAR to invest US$ 1.8 billion for new petrochemicals plant in Turkey

It is reported that BP and SOCAR, two global giants operating in the field of petrochemicals will start construction of a petrochemical plant in Turkey with a cost of US$ 1.8 billion at the end of 2020.

Azeri state energy company SOCAR has already made some substantial investments in Turkey such as STAR refinery, a giant production facility at ALIAGA in Izmir province.

Emil ALKHASLY, energy project director of SOCAR Turkey announced that they planned to begin construction of a new petrochemical plant in Turkey together with BP, at the end of 2020. It is important to note that Turkey and Azerbaijan have very good relations and cooperate in many areas to include the petrochemicals sector. Both companies had signed an agreement in 2018  for the construction of said plant.

It was also shared by Mr. ALKHASLY that a tender had been opened for the design of the facility and three companies had participated. The director added that the results would be announced during the following month.

It is reported that the plant is expected to be completed by 2023. The capacity of the plant will be 1.250 million tons of purified terephthalic acid, 840 thousand tons of paraxylene and 340 thousand tons of benzene and the cost of the project is expected to be US$ 1.8 billion.

SOCAR is known as the largest foreign investor in Turkey with a total investment of US$ 19.5 billion to include Star refinery in Izmir that cost of US$ 6.3 billion

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