10/26/2011

Turkish-Azeri partnership launches USD 5 billion petrochemical project

Dunya - Turkey’s Petkim has broken ground in its Star Refinery project in Izmir’s Aliaga with a ceremony attended by Turkey’s Prime Minister Recep Tayyip Erdogan and Azeri President Ilham Aliyev. Touted to make the company one of the largest petrochemical producers in Europe, the refinery is the biggest single-location investment project undertaken by the private sector in Turkey.

The USD 5 billion investment will significantly reduce Turkey’s dependency on imports of many petroleum derivatives including naphtha, jet fuel, low-sulfur diesel and LPG, and is expected to save USD 5.8 billion on import costs. The refinery’s construction phase will employ some 10,000 people, while the plant itself will directly employ at least 1,000 following its completion in 2015.

Jointly-owned by Turkish Turcas and Azeri Socar companies, Petkim is the main provider of petrochemicals in Turkey.
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