The feasibility study of the State Oil Company of the Azerbaijan Republic's (SOCAR) ORP oil refinery near the large Petkim Turkish petrochemical complex is under completion, SOCAR Turkey Office head Seymur Agayev told Trend Capital.
"Work on the conceptual part of the feasibility study has been completed," he said that presently, the project (feasibility study) is under evaluation. The process should be completed by late January, Agayev said, informs Trend.
According to him, the company already submitted all necessary documents on the project, particularly, environmental report, as well as technical data, to Turkey's energy regulating body.
Earlier, the Turkish government has approved the report on environmental impact, prepared under the project.
Earlier, SOCAR Head Rovnag Abdullayev said, the company is being negotiated with the banks to finance the project of building a new refinery.
The company expects to launch the construction in 2010, the company reported earlier.
The new plant will meet Petkim's raw material needs. The remaining oil products will be sold on the local market and in Europe. The planned capacity of the ORP to be built in Turkey will amount to 10-15 million tons of oil annually.
Formerly the Turkish Privatization Administration approved the SOCAR-Turcas Petrol-Injaz alliance as the winner of a tender to sell a 51-percent share of the Turkish petrochemical holding Petkim. Turkey currently imports 70-75 percent of its chemical products, but while developing Petkim, the alliance will provide an opportunity to increase imports to 30 percent.
Petkim specializes in producing plastic packages, fabrics and detergents and is only producer of these goods in Turkey.