BP and SOCAR Turkey in Petchems JV
Following a licensing deal agreed in February 2018 between BP and SOCAR Turkey for purified terephthalic acid (PTA) technology, the two companies have now signed a heads of agreement to build and operate a petrochemicals joint venture in Aliaga, Turkey.
The proposed complex will produce 1.25 million t/y of PTA, 840,000 t//y of paraxylene (PX) and 340,000 t/y of benzene.
BP and SOCAR Turkey – a subsidiary of the State Oil Company of Azerbaijan Republic (SOCAR) – are now planning to start design work for the facility, which would allow the integration of feedstock supplies from the nearby new STAR refinery and Petkim’s petrochemicals complex (both owned by SOCAR).
The companies anticipate taking a potential final investment decision in 2019, which could mean the complex would start up in 2023.
“If taken forward, this would be the largest integrated PTA, PX 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.
Zaur Gahramanov, CEO of SOCAR Turkey said the jv represents its first equity investment in Turkey’s petrochemicals industry. He added that the complex will not only increase its share of Turkey’s petrochemicals markets but also help to reduce the country’s petrochemical imports.
