SOCAR to invest over US$6 bln in a new refinery and sea port for Turkish petrochem company Petkim

08-Jun-11

Azerbaijan's state oil company SOCAR is to invest over US$6 bln in a new refinery and sea port for Turkish petrochemicals company Petkim, as per news.az. SOCAR holds the majority of shares in the Turkish petrochemicals company. SOCAR plans to invest US$4.5-5 bln on construction of the refinery which will have an annual capacity of 10 mln tons of oil. In parallel, capital will be invested in the power sector and generating capacity of 1,000 MW will be created by 2020. This will make SOCAR the largest investor in Turkey's industrial sector. SOCAR would start the second stage of its investments in Petkim start after 2015. This stage will increase the output of oil products from 3 mln tpa to 6 mln tpa. Sales volume is expected to reach US$20 bln.