Azeribaijan's Socar reviews Turkey refinery plans

23 October 2008 16:59 [Source: ICIS news]

PRAGUE (ICIS news)--State Oil Company of Azerbaijan (Socar) said on Thursday it had placed under review its plan to build a refinery near its Petkim petrochemical assets in Turkey because of the unpredictable global economic conditions.

The future of the project would be decided once a clearer outlook for the petrochemical and crude oil investment environment amid the international financial downturn had been established, the company added.

In tandem with a plan to double Petkim's petrochemical output to 6.4m tonnes/year by 2015, Socar announced it would establish a refinery, at a cost of up to $5bn, that would supply an annual 6-8m tonnes/year of feedstock to Petkim.

Socar, Turkey's Turcas Petroleum and Saudi Arabia-based developer Injaz Projects acquired a 51% majority stake in Petkim, based in Izmir, western Turkey, from the Turkish state for $2.04bn (€1.59bn).

Petkim runs a 520,000 tonne/year ethylene cracker.

($1 = €0.78)

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By: Will Conroy
+44 20 8652 3214

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