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Terminal News

BP & SOCAR to evaluate JV for Turkey petrochemicals complex

BP & SOCAR to evaluate JV for Turkey petrochemicals complex
BP and SOCAR Turkey have signed a heads of agreement to evaluate the creation of a joint venture for the construction and operation of a world-scale petrochemicals complex in Turkey.

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

Both companies 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.

Luis Sierra, CEO for BP's global aromatics unit, says: 'If taken forward, this would be the largest integrated PTA, PX and aromatics complex in the Western Hemisphere and BP's first major new aromatics platform since our Zhuhai site in China opened nearly 20 years ago.'

Vagif Aliyev, Chairman of the Board of SOCAR Turkey, adds: 'We entered the Turkish market in 2008 with the acquisition of Petkim and since then have realised giant projects such as the STAR refinery. 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.'

Both companies expect to work towards a potential final investment decision in 2019, which could result in start-up of the new plant in 2023.



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