SOCAR, Turcas to begin building Ceyhan complex
22 October 2007 16:24 [Source: ICIS news]
PRAGUE (ICIS news)--The State Oil Company of Azerbaijan (SOCAR) said on Monday that it and Turcas would begin construction of their planned $4.5bn (€3.2bn) oil and petrochemicals complex in the Turkish Mediterranean port of Ceyhan in 2008.
A spokesman for the company said Turkish officials had just granted it 1,000 hectares of land for the project meaning the environmental assessment impact report for the investment could be completed and final financing arrangements with a set of banks could be put in place.
He added that the refinery would be completed in an initial construction phase and the petrochemicals facilities in a second stage but was not yet ready to give anticipated finish dates for the two phases.
The refinery is to have a capacity of 10m tonnes/year of crude oil.
Caspian Sea region oil will flow to the facility through the new Baku-Tbilisi-Ceyhan (BTC) pipeline which can bring 800,000 bbl/day of crude to Turkey.
($1 = €0.70)
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Author: Will Conroy+44 20 8652 3214
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