SOCAR, BP delay final investment decision for new complex in Turkey
by ChemOrbis Editorial Team - content@chemorbis.com
According to reports in the Azerbaijani press, the State Oil Company of Azerbaijan Republic (SOCAR) and the UK-based BP have delayed the final investment decision (FID) on the construction of a new petrochemical complex at SOCAR Turkey’s Private Industrial Zone in the Aliaga district of Izmir, Turkey.
The FID to advance the proposed project has been postponed until the fourth quarter of 2021, largely as a result of the negative impact of sharply lower crude oil prices on the business of both companies, the local media said.
The construction of the complex was previously expected to commence at the end of 2020, with completion targeted for 2023.
The complex is expected to produce 1.25 million tons/year of PTA, 840,000 tons/year of PX and 340,000 tons/year of benzene upon completion.
The FID to advance the proposed project has been postponed until the fourth quarter of 2021, largely as a result of the negative impact of sharply lower crude oil prices on the business of both companies, the local media said.
The construction of the complex was previously expected to commence at the end of 2020, with completion targeted for 2023.
The complex is expected to produce 1.25 million tons/year of PTA, 840,000 tons/year of PX and 340,000 tons/year of benzene upon completion.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
