Production at PETKİM's second petrochemical facility in İzmir's Aliağa Peninsula will begin in late 2022 or at the beginning of 2023, Turkey CEO of the State Oil Company of Azerbaijan Republic (SOCAR) Zaur Gahramanov has said.
Gahramanov told Anadolu Agency (AA) that the facility will produce jet fuel, liquefied petroleum gas (LPG) and diesel fuel while contributing to a reduction in Turkey's current account deficit.
"After finalizing the feasibility studies for the second facility in April 2019, we are planning to start work next June. We will be able to meet around 40 percent of Turkey's petrochemicals imports with this new facility," he said. Meanwhile, SOCAR Turkey's Aegean Refinery (STAR) started operations at its first facility Friday. The first crude oil cargo ship, Absheron, carrying 80,000 tons of feedstock from Azerbaijan, arrived at the 2,400-hectare facility on the Aliağa Peninsula. Gahramanov confirmed the arrival of the first shipment and said production would start at the end of October. He also announced that a launching ceremony for the refinery would be held with the attendance of President Recep Tayyip Erdoğan and Azerbaijan's President İlham Aliyev.
Turkey's first petrochemical facility PETKİM will produce 3.6 million tons of petrochemical products annually, while the second facility will focus on the refining of urgently needed petrochemical products, said the SOCAR Turkey CEO.
He also highlighted that Turkey's annual foreign trade deficit would decrease by around $1.5 billion with the launch of the STAR Refinery.
The refinery is SOCAR Turkey's biggest investment in the country coming at a cost of $6.3 billion. Its parent company SOCAR has invested some $19 billion in Turkey to date.
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