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Baku. 20 July. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) will start the second petrochemical project after the STAR oil refinery project, which is being constructed on the Petkim peninsula, Izmir.
Report informs, SOCAR President Rovnag Abdullayev said in his interview with Anadolu.
After the completion of oil refinery, we are going to start the second petrochemical project with investment cost of $ 3 bln. We are doing our best to implement this project until 2023, and we continue our work without losing time. Turkey has current deficit of $ 11,5 bln originating from petrochemical products. With these new projects that we plan to implement in Turkey we are trying to reduce current deficit by about $ 3 bln", he said.
Notably, Petkim Petrochemical Complex is the first petrochemical project implemented by SOCAR in Turkey, and Azerbaijani side is the major shareholder.
SOCAR President noted that 90% of works at the STAR refinery have been completed. According to him, at the latest in late 2018 the plant will start production: “Sale of products manufactured in factory will start in Turkey. This will play a major role in reducing Turkey's current account deficit. STAR refinery will pay Turkey’s current $ 2.5 bln deficit".
Speaking about the Trans-Anatolian Pipeline (TANAP) project, which aims to transport Azerbaijani gas to Turkey and from there to Europe, he stated that this project is progressing rapidly and smoothly and the healthy relations between Azerbaijan and Turkey have an important role. SOCAR president said that currently 77.3% of works on TANAP are being executed and that part of the project, which will supply Turkey with gas to Eskishehir, will be put into operation in 2018.
"The second part of TANAP (to the Greek border) will be ready by 2019 on Azerbaijani side, but the European side will be ready for 2020, as it is a little behind the program. Fortunately, thanks to the great support of the Turkish government, project will be completed prematurely and with large savings. It is very difficult to achieve positive results in such large projects. The cost of TANAP is currently $ 8.5 bln.
