ISTANBUL
SOCAR Türkiye has unveiled its plan to invest a total of $7 billion to establish new petrochemical facilities in the coming years.
The first feasibility study within the scope of the Master Plan, which envisages investment in the petrochemical field, has been completed and the engineering design preparation phase will be initiated for detailed technical analysis, company officials said in a meeting in Istanbul.
Within the scope of the project, steps are planned for the establishment of new petrochemical production units and the modernization of existing facilities, they said.
Speaking at the meeting, SOCAR Türkiye Chief Executive Officer (CEO) Elchin Ibadov said that the company, which started its operations in 2008, has invested 18.5 billion dollars to date.
SOCAR is the largest foreign investor in Türkiye, directly and indirectly providing jobs to 10,000 people, he added.
Regarding financing, what is important for SOCAR at the first stage is the outcome of the front-end engineering design (FEED), he explained.
They envisage an investment of approximately $7 billion, but there are many factors such as which units will be established and from which countries those units will be bought as a result of the FEED study, he said.
“Therefore, the financing part of the project is an issue that we will address in the second phase,” Ibadov furthered.
They expect the FEED period of the project to be 18-24 months and the final decision phase of the project can be started with the completion of the FEED process by the end of 2026, said Kanan Mirzayev, head of SOCAR Türkiye’s refining and petrochemicals division.
