BP and SOCAR sign HoA to explore petrochemicals JV in Turkey

BP and SOCAR Turkey have signed a heads of agreement (HoA) to explore the creation of a joint venture to construct and operate a petrochemicals complex in Turkey. This proposed facility will be built in Aliaga of the western part of Turkey. Once operational, it is expected to produce 1.25 million tonnes per annum (tpa) of purified terephthalic acid (PTA), 840,000tpa of paraxylene (PX) and 340,000tpa of benzene. PTA is used in the manufacture of polyesters, which has several uses, including food and beverage containers, packaging materials, fabrics, films, and other consumer and industry applications. With the signing of the HoA, the two firms expect to take up design work for the facility, which will enable integration of feedstock supplies from the STAR refinery located close by and Petkim petrochemicals complex.