Socar eyes Turkey firm to build Ceyhan complex

09 September 2008 17:01  [Source: ICIS news]

PRAGUE (ICIS news)--The State Oil Company of Azerbaijan (Socar) is poised to spend $520m (€369m) to acquire a construction company that it intends to put to work on building the $4bn oil and petrochemicals complex in Ceyhan, Turkey, it said on Tuesday.

Socar said it was looking to close a deal for the purchase of Turkey’s Tekfen Insaat Construction Co by the end of the year.

The oil and petrochemicals complex is being constructed on 1,000 hectares of land in the Turkish Mediterranean port location of Ceyhan.

Its refinery is to have a capacity of 10-15m tonnes/year of crude oil.

Ceyhan receives oil from the Caspian Sea via the 1m bbl/day Baku-Tbilisi-Ceyhan (BTC) pipeline, a section of which was hit by an explosion near Erzerum, Turkey, just days before the recent Georgia-Russia conflict threatened the region's pipeline infrastructure.

($1 = €0.71)

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Author: Will Conroy
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