SOCAR Turkey defers investment decision date of new project

The Final Investment Decision (FID) of the new petrochemical complex (Mercury project) of SOCAR and BP in Aliaga town (Izmir, Turkey) will be made in the fourth quarter of 2021 due to the fall in oil price, CEO of SOCAR Turkey, a subsidiary of SOCAR in Turkey, Zaur Gahramanov told Anadolu Agency.

“There will be a delay in the date of the FID. We were affected by the fall in the oil price to $20 too. We had planned to make the FID in late 2020, but it was postponed until the fourth quarter of 2021 due to the decline in oil price,” Gahramanov said.

On December 20 last year, BP and SOCAR signed the principles of an agreement on evaluating plans to build a world-class petrochemical complex in Turkey and create a joint venture to manage it. The complex will produce 1.25 million tons of PTA, 840,000 tons of paraxylene (PX), and 340,000 tons of benzene.