Work on petrochemical complex of SOCAR and BP in Turkey may begin at year-end

Azerbaijan’s state oil company SOCAR and BP plan to start construction of a new petrochemical complex (Mercury project) in Aliaga town (Izmir, Turkey) in late 2020 or early 2021, Report informs.

“Appraisal and engineering work is underway within the project,” STAR Rafineri A.S. CEO Mesut Ilter told Anadolu Agency. “The investment value of the new petrochemical project will be about $1.8 billion. We see that SOCAR’s investments in Turkey mainly aim at areas where imports prevail. This strategy is also the core of this project. With the activity of this petrochemical complex in Turkey, the import of purified terephthalic acid (PTA) will be stopped. Petkim provides about 18 percent of Turkey’s needs in petrochemical products. With the commissioning of the new petrochemical complex, this figure will rise to 40 percent.”

A new petrochemical complex may be launched in 2024, he added.

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.