SOCAR (State Oil Company of the Azerbaijani Republic) President Rovnag Abdullayev said that his company had started construction of a refinery in Izmir (Turkey), 1news.az reports.
Azerbaijani President Ilham Aliyev and Turkish Prime Minister Recep Tayyip Erdogan were at the foundation ceremony of the refinery on October 25.
The SOCAR-Turcas alliance (75% of shares belong to SOCAR) has been holding 51% of the shares of the largest Turkish holding, Petkim, since 2007. The new refinery in Aliag will fulfil demands for materials. It will produce diesel fuel, naphtha and jet kerosene. It will have a maximum capacity of 10 million tons annually.
The project will receive $5.5 billion of investments. Executive Manager of Petkim Kenan Yavuz said earlier that Petkim is one of the biggest holdings in the region. It will create 10,000 jobs.
