SOCAR Turkey Energy, a subsidiary of Azerbaijani state oil company SOCAR, has announced the start the construction of a new Turkish petrochemical industrial complex in the first half of 2020, Azernews has reported.
The project will be implemented with an investment of 1.8 billion US dollars, in the form of a joint venture with BP.
According to SOCAR Turkey CEO Zaur Gahramanov, the new complex, which will be named Mercury, will be built next to the company’s STAR refinery in Turkey’s Aliaga district.
Mr Gahramanov stressed that the proximity of the new plant, together with its future joint operations with the STAR refinery and SOCAR’s Petkim industrial complex would increase productivity and competitiveness.
The Azeri state oil company is the biggest foreign investor in the Turkish economy, having pumped 20 billion US dollars into the country between 2008 and 2018.