Upon completion of ?zmir's Alia?a oil refinery field, Turkey's dependence on oil and oil products will be reduced by billions of dollars per year, as per todayszaman.com. Construction of the US$5 bln Petkim Alia?a refinery is expected by 2015, with total oil extraction capacity at about 10 million tpa. Production will comprise naphtha, fuels for jetliners, low-sulfur diesel fuel, liquid petroleum gas and other petrochemicals of which Turkey is presently a net importer.
Turkey's dependence on foreign oil and gas is the most significant reason for the country's consistent foreign trade deficit, which in turn results in a high CAD.
16-Aug-11 
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