Sector News

BP, SOCAR link in major petrochemicals JV in Turkey

December 20, 2018
Chemical Value Chain

SOCAR Turkey (Istanbul), a subsidiary of the State Oil Co. of Azerbaijan (SOCAR), and BP today announced that they have signed a heads of agreement to evaluate the creation of a petrochemicals joint venture (JV) in Turkey.

The facilities are planned to be located in Turkey’s private industrial zone at Aliaga, the site of the recently inaugurated STAR refinery and of a Petkim’s petrochemical complex, both owned by SOCAR.

The proposed facilities would produce 1.25 million metric tons/year of purified terephthalic acid (PTA), 840,000 metric tons/year of para-xylene (p-xylene), and 340,000 metric tons/year of benzene. Following the signing of the agreement, the partners plan to start design work for the facility, which would allow for the integration of feedstock supplies from the STAR refinery and Petkim’s complex.

BP and SOCAR expect to work toward a potential final investment decision in 2019, which could result in start-up of the new plants in 2023. “If taken forward, this would be the largest integrated PTA, p-xylene, and aromatics complex in the Western Hemisphere and BP’s first major new aromatics platform since our Zhuhai site in China opened nearly 20 years ago. The combination of BP’s leading proprietary technology and integration with SOCAR’s new refinery could create an outstanding platform to serve Turkey’s growing polyester packaging and textiles industry,” said Luis Sierra, CEO of BP’s global aromatics unit.

By Natasha Alperowicz

Source: Chemical Week

Related News

May 1, 2021

BASF with strong start to 2021 business year

Chemical Value Chain

BASF increased sales by €2.6 billion compared with the first quarter of 2020 to €19.4 billion. This was mainly due to higher prices and volume growth.

May 1, 2021

Air Products acquires full ownership of China gasification joint venture

Chemical Value Chain

Air Products acquired General Electric’s gasification business in 2018 which included the 50% stake in a syngas joint venture with China Shenhua Coal to Liquid and Chemical, a subsidiary of China Energy Group.

May 1, 2021

EVP Yara Europe Tove Andersen appointed President & CEO in Tomra Systems ASA

Chemical Value Chain

Tove Andersen, currently EVP Yara Europe, has been appointed President and CEO of Tomra Systems ASA. She will take up the new position latest 1 November 2021.

Send this to a friend