BP has signed an agreement with Socar Turkey for the potential creation of a “world-class” petrochemicals complex.
The facility would be constructed under a joint venture in the western region of Aliaga, and would be the biggest complex of its kind in the Western Hemisphere if taken forward.
The complex would be capable of producing 1.25milion tonnes per year of “manufacture polyesters”, a material used for a variety of industrial applications like food and beverage containers.
The two firms have signed a heads of agreement (HoA) and will now undertake design work for the facility ahead of a potential final investment decision next year.
If that goes through, the plant could be up and running in 2023.
Mick Stump, president of BP Turkey, said: ““This potential major new direct investment would be our first equity investment in petrochemicals in Turkey, a country where BP has now been present for over 100 years.
“Turkey operates as a bridging country between the East and West, and between producers and consumers, and its fast-growing economy offers attractive investment opportunities.”
Socar, the state oil firm of Azerbaijan, already has a history of working with BP, including the Shah Deniz gas project.
Socar Turkey CEO Zaur Gahramanov said: “This proposed new investment is a ‘win-win’ situation for both Socar and Turkey.
“It will not only increase our share in Turkey’s petrochemical markets, but it will also help to reduce Turkey’s imports of these products, hence reducing the foreign trade deficit.
“All of our projects in Turkey are planned with this goal in mind.”
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