SOCAR selects technology and banks for construction of a refinery in Turkey

abarrelfull wrote on 13 Oct 2010 05:35
Tags: petkim refinery socar turkey

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The State Oil Company of Azerbaijan (SOCAR) carries on preparing for the start of construction of a refinery in Turkey for the needs of Petkim Holding.

SOCAR Investment Department’s head Vagif Aliyev says they have already begun work with the banks on choice of forms of financing, its volumes, terms, rates, etc.

"In parallel, we are negotiating with the owners of technology to be applied at the refinery with a view to obtaining a license. After that, we can begin detailed engineering that can hardly take place in 2010. At the same time in spring of 2011 we will lay the foundation of the refinery," he said.

So far the SOCAR has defined the concept of the project, capacity (10 million tons a year) and targets.

"Completion of refinery construction in 2014 remains in our plans," Aliyev said.

SOCAR owns 51% of the shares in Petkim Holding, which it acquired in the alliance SOCAR/Turcas/Injas.

SOCAR selects technology and banks for construction of a refinery in Turkey

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