(RTTNews.com) - BP (BP.L, BP_UN.TO, BP) and SOCAR Turkey said that they have signed a heads of agreement to evaluate the creation of a joint venture that would build and operate a world-scale petrochemicals complex in Turkey.
The proposed facility, in Aliaga in western Turkey, would produce 1.25 million tonnes per annum (tpa) of purified terephthalic acid (PTA), 840,000 tpa paraxylene (PX) and 340,000 tpa benzene.
PTA is used to manufacture polyesters, which have many uses including food and beverage containers, packaging materials, fabrics, films, and other consumer and industry applications.
Following the signing of the heads of agreement, BP and SOCAR Turkey now expect to undertake design work for the facility, which would allow for the integration of feedstock supplies from the nearby new STAR refinery and Petkim petrochemicals complex, both owned by SOCAR Turkey.
BP and SOCAR expect to work towards a potential final investment decision in 2019, which could result in start-up of the new plant in 2023.
Read the original article on RTTNews (http://www.rttnews.com/2964671/bp-and-socar-to-evaluate-creation-of-new-petrochemicals-jv-in-turkey.aspx)
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