SOCAR Turkey to Invest $7 Billion in ‘Master Plan’ Project – Latest Update
SOCAR Turkey, one of the leading players in the petrochemical industry, recently held a press conference in Istanbul to evaluate its activities for 2024. The conference was attended by SOCAR Turkey CEO Elchin Ibadov, Refinery and Petrochemical Business Unit President Kanan Mirzayev, as well as various members of the press.
During the conference, Elchin Ibadov highlighted the importance of R&D studies and announced SOCAR Turkey’s new investment project, the ‘Master Plan,’ which aims to benefit the petrochemical industry in Turkey. Ibadov also mentioned that SOCAR Turkey has won an important tender to supply jet fuel to Istanbul Airport, indicating that the company will be supplying a significant portion of the fuel for aircraft at the airport.
Moreover, Ibadov discussed SOCAR Turkey’s strategic goals, emphasizing the importance of becoming a high-level integrated refinery and petrochemical company. He also highlighted the company’s focus on sustainability, mentioning projects aimed at producing sustainable aviation fuel from clean sources such as domestic waste oils and algae.
On the other hand, Kanan Mirzayev provided detailed information about the investments planned within the framework of the ‘Master Plan.’ Mirzayev highlighted the growth potential in Turkey’s petrochemical sector and stated that new investments would focus on products with high growth rates expected in the Turkish market, such as IP Liner, Polypropylene (PP), and Polyethylene (PE).
Mirzayev also mentioned that the estimated budget for the investments is around 7 billion dollars, with the FEED process expected to start in June 2025. After the completion of the FEED study, the final investment decision will be made, leading the project into the construction and implementation phase.
Overall, SOCAR Turkey’s ‘Master Plan’ project is set to shape Turkey’s petrochemical future, increase production capacity, reduce foreign dependency, and implement an environmentally friendly structure. With these strategic investments and sustainable practices, SOCAR Turkey aims to further strengthen its leadership in the petrochemical industry and contribute to the industry and economy of Turkey.
