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SOCAR, BP delay final investment decision for new complex in Turkey

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/04/2020 (13:18)
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.
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