The foundations have been laid for the joint venture petrochemical project between the State Oil Company of the Azerbaijan Republic (SOCAR) and Turcas Petrol A.S. after the respective leaders of Turkey and Azerbaijan attended a project ceremony.
The project is touted to make Petkim, the jointly owned company, one of the largest petrochemical producers in Europe. The refinery is the biggest single location investment project undertaken by the private sector in Turkey.
The investment will significantly reduce Turkey’s dependency on imports of many petroleum derivatives including naphtha, jet fuel, low sulfur diesel and LPG, and is expected to save US$ 5.8 billion on import costs. The refinery’s construction phase will employ some 10 000 people, while the plant itself will directly employ at least 1000 following its completion in 2015.
Construction of the Ege Oil Refinery in Aliaga, near Izmir, is expected to cost US$ 5 billion. It will have the capacity to refine 10 million tpy of oil.
The Plama refinery in the northern city of Pleven is set to reopen in December. The complex will produce primarily lubricants, while fuels will be a side production. The expected capacity in the first year of operations is 300 000 t, and there are plans for the capacity to reach as much as 700 000 tpy. The first facility to begin functioning is a vacuum installation.
OAO Gazprom Neft may increase investment in upgrades at the Moscow Refinery to 80 billion rubles (US$ 2.64 billion) to improve product quality. The company plans to spend 66 billion rubles on the refinery through 2020. That may increase to 80 billion rubles if the company decides to expand the scope of upgrades planned for 2015 and 2016.
Production at Nynas AB’s 22 000 bpd Nynaeshamn refinery has been halted due to a fire. The equipment is thought to have caught fire after a restart was attempted following five weeks of maintenance.