State Oil Company of Azerbaijan Republic (SOCAR) to buildRefinery in Turkey
CHEMMONITOR.COM - Baku-headquartered State Oil Company of Azerbaijan Republic (SOCAR) is going to build a refinery in Aliaga on the Aegean coast (Turkey). For that, the company inked a contract with banks and export credit agencies. The contract is assessed at USD 3.29 billion.
The projected USD 5.5 billion refinery is predicted to supply Turkish petrochemical company Petkim with feedstock. The refinery is likely to decrease the country’s dependence on imported refined oil products. The future refinery in Aliaga will annually produce about 10 million tonnes.