7/25/2008

SOCAR gives priority to Aliaga in refinery

Referans – State Oil Company of Azerbaijan Republic (SOCAR), which acquired 51% shares of Petkim together with Turcas, plans to build a refinery in Aliaga so as to supply Petkim with raw material by processing Caspian oil. Erdal Aksoy, Petkim Vice President and Chairman of Turcas Board of Directors, stated “Petkim might be given priority rather than Ceyhan” Aksoy also said, “Following the transfer of shares in Petkim, SOCAR gave priority to Petkim for building refinery.” Rövnag Abdullayev, Chairman of SOCAR and Petkim Board of Directors, and Erdal Aksoy, Petkim Vice President and Chairman of Turcas Board of Directors, made statements about future projects of Petkim. Stating that Petkim will make rapid progress in the next period, Abdullayev said, “Our global objective is to double the capacity of Petkim as soon as possible and to meet 40% of the needs of the Turkish market. Therefore, we will achieve great investments. To this end, we are planning to make a 2 billion dollar investment. Abdullayev said that they planned to build a new refinery within Petkim facilities. Telling that this refinery aims to supply raw materials to Petkim, Abdullayev said that Azerbaijani petroleum will be delivered to Izmir via the port of Ceyhan and will be turned into products having high added value in Petkim. Erdal Aksoy, Petkim Vice President, on the other hand, said that Turkey which set the target of 500-billion-dollar exports needed investments to eliminate current account deficit and Petkim would make investments to establish the infrastructure for this target.