BP and SOCAR explore the creation of a new petrochemicals joint venture in Turkey

Posted On December 21st, 2018 - 9:46 am | by Oil and gas press

BP and SOCAR Turkey announced that they have signed a heads of agreement (HoA) to evaluate the creation of a joint venture that would build and operate a world-scale petrochemicals complex in Turkey.

The proposed facility, in Aliaga in western Turkey, would produce 1.25 million tonnes per annum (tpa) of purified terephthalic acid (PTA), 840,000 tpa paraxylene (PX) and 340,000 tpa benzene.

PTA is used to manufacture polyesters, which have many uses including food and beverage containers, packaging materials, fabrics, films, and other consumer and industry applications.

Following the signing of the HoA, BP and SOCAR Turkey now expect to undertake design work for the facility, which would allow for the integration of feedstock supplies from the nearby new STAR refinery and Petkim petrochemicals complex, both owned by SOCAR Turkey.

Vagif Aliyev, Chairman of the Board of SOCAR Turkey, said:

“We entered the Turkish market in 2008 with the acquisition of Petkim and since then have realized giant projects such as the STAR refinery, TANAP, Petlim Container Terminal and Petkim Wind Power Station. The area covering all of SOCAR Turkey’s projects in Aliaga has recently become the first Private Industrial Zone in Turkey. The immediate proximity to the feedstock and infrastructure provided by SOCAR’s other facilities will contribute significantly to the competitive power of the new facility. Expanding our immense refining and petrochemical complex, built at the gateway to world markets on the Aegean coast of Turkey, we aim to continue to contribute to the economies of the two brother countries – Turkey and Azerbaijan.”

Source / Further information : BP

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