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Groundbreaking ceremony of oil-chemistry enterprise held in Izmir by participation of Azerbaijani President and Turkish PM - PHOTOSESSION

Groundbreaking ceremony of oil-chemistry enterprise held in Izmir by participation of Azerbaijani President and Turkish PM - <font color=red>PHOTOSESSION</font>

25 October 2011 12:15 (UTC +04:00)

Erdogan and Aliyev made speeches.

Note that, Ege Oil Processing Plant, to be constructed in production area of Petkim, Aliaga region, will require $5bln. Annual processing capacity will be 10 mln tons and it will produce only products that Petkim demands. Construction of new plant will reduce chemical material import by 30%. First devices of plant are planned to come on stream after three years, when construction starts.

Besides, $350 mln is planned to invest in sea port in the region. Totally, SOCARâ€™s investments in Petkim structures will exceed $6 bln by 2015.

After 2015, SOCAR will start second stage of investing in Petkim. Within these works, oil-chemistry products will be reached from 3 mln tons to 6 mln tons, sale volume - $20 bln. At the same time, energy sector will also be invested and 1,000 MVt energy power capacity will be established by 2020. At last, next stages of investments was planned to be by 2040.