SOCAR`s new petrochemical complex in Turkey to be commissioned in 2024


March 11, Fineko/ A new SOCAR petrochemical complex to be constructed in Turkey will be put into operation in 2024.

According to foreign media reports, the relevant statement was made by Mesut Ilter, the general director of the Star refinery.

He noted that evaluation and engineering work has already begun. Investments in the project are expected to reach about $1.8 billion. The construction of the plant will begin in late 2020 or early 2021. Our goal is to complete the construction of the plant in 2024. Thanks to this plant, imports of pure terephthalic acid (PTA) from Turkey will fall to zero. Petkim currently pays for 18% of the demand for Turkish petrochemical products. At the same time, the share of these investments will increase to 40%.

In December 2018, BP and SOCAR Turkey (STEASH) signed an agreement in Turkey on the evaluation of plans to create a joint venture for the construction and management of a global petrochemical complex.

It should be noted that in 2008, SOCAR bought 51% of the shares of the first Turkish petrochemical plant Petkim for $2.04 billion. Then a 10% stake owned by the Privatization Department was acquired and then sold. Currently, 51% of Petkim’s shares are owned by SOCAR. About $800 million has been invested in Petkim over the past years.