Azernews.Az

By Sara Israfilbayova

The investment decision on the new petrochemical complex of SOCAR in Turkey will be made in autumn of 2018.

“We work in accordance with the schedule, the pre-FEED stage will be completed before the end of this year, and the FEED stage by the middle of next year,” Head of SOCAR Turkey Enerji Zaur Gahramanov told reporters on October 12.

He went on to say that SOCAR has not yet begun negotiations on financing, further adding that the negotiations will be launched after the project is arranged.

The new complex will not compete with Petkim, as the project is aimed at modernizing Petkim and commissioning new facilities, he said.

SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.

The consolidated turnover of SOCAR Turkey Enerji is expected to reach $15 billion in 2018, and the company will become the second biggest industrial company in Turkey (the first is Koç Holding) with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

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