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    Vagif Aliyev: Investment value of new petrochemical facility at Petkim may be 3 bln USD

    New facility could be a 'second Petkim'

    Baku. 5 June. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) is working on an investment project in Petkim Peninsula (Izmir, Turkey) for production of new petrochemical products. Investment value of a new petrochemical facility at Petkim may be about 3 bln USD.

    Report informs, Vagif Aliyev, Chief of SOCAR Investments Department, Chairman of SOCAR Turkey Board of Directors, told Turkish reporters at last week's international oil and gas exhibition in Baku.

    According to him, discussions are underway with the Turkish government on the project and the government welcomes the investment: "A new facility could be a "second Petkim". Investment value is not exact yet, but could be nearly 3 bln USD. There is no place for new capacity increase at Petkim complex. The new project should be near Petkim complex. We hold discussions with the government for assessment of this project within "strategic investment". It will provide a great advantage for us".

    Notably, last week, “SOCAR Turkey Enerji A.Ş” Director General Zaur Gahramanov told Azerbaijani journalists that engineering works have started and will be completed late this year in frames of the project of establishment of a new petrochemical facility. He noted that talks are being held with potential partners on the project.

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