SOCAR Turkey CEO: “New petrochemical complex will reduce Turkey’s current deficit by $5.5B”

The new petrochemical complex (aromatics and PTA (Purified Terephthalic Acid) – Mercury project), to be created by SOCAR and BP in Aliagha, Izmir, Turkey, is expected to reduce Turkey’s deficit on petrochemical products by $5.5 billion, CEO of SOCAR Turkey, a subsidiary of SOCAR in Turkey, Zaur Gahramanov said on September 20, Report informs referring to Hurriyet newspaper.

"Turkey’s deficit on import of petrochemical products makes up $11.5 billion. The new complex will cover this deficit by $5.5 billion," he said.

According to him, construction of the new complex is planned to start in 2020 and it is planned to be launched in 2023: "The complex will produce 840,000 tonnes of paraxylene, 340,000 tonnes of benzene, 1,250,000,000 tonnes of purified terephthalic acid. Investment cost is expected to reach $1.8 billion."