Turkey’s Petkim, SOCAR Turkey Enerji ink contract on raw materials

The Petkim Petrochemical Complex and SOCAR Turkey Enerji A.S. have signed a contract for a period of 20 years on purchase of raw materials from the Star refinery of Azerbaijan's state energy company SOCAR, Azernews reported on May 28.

Petkim will annually purchase 270,000 tons of mixed xylene and 1.6 million tons of naphtha from the Star refinery, the company reported on May 27.

On March 30, 2012 SOCAR Turkey Enerji A.S. and SOCAR International DMCC OGG acquired 10.32 percent stake in Petkim, increasing their share to 61.32 percent. Some 38.68 percent of the stake is in free float on the Istanbul Stock Exchange.

Star refinery, with an annual capacity of 10 million tons, will be capable of refining oil grades such as Azeri Light, Kirkuk, and Urals. The oil refinery is planned to be commissioned in 2018.

Copyright: Azernews, 2014