SOCAR Türkiye Launches Front-End Engineering Design (FEED) Phase for New Petrochemical Investment
SOCAR Türkiye has announced the initiation of front-end engineering studies for its new petrochemical investment, a key component of its comprehensive “Master Plan” project aimed at boosting Türkiye’s production and export capacity in the petrochemical sector.
On January 6, 2025, SOCAR Türkiye — Türkiye’s largest direct international investor and leading industrial group — held a press conference in Istanbul, sharing an overview of the group’s performance in 2024 and outlining its vision for the future, including details about the upcoming petrochemical investment. During the meeting, it was noted that the initial feasibility study under the “Master Plan” has been completed, and the project is now progressing into the Pre-FEED (Pre-Front-End Engineering Design) phase, followed by the FEED (Front-End Engineering Design) stage. The plan, which aims to strengthen Petkim and other SOCAR Türkiye subsidiaries, is described as a key part of SOCAR Türkiye’s petrochemical-focused growth strategy.
Speaking at the meeting, SOCAR Türkiye CEO Elchin Ibadov and SOCAR Türkiye Refining and Petrochemical Business Unit Head & Petkim General Manager Kanan Mirzayev shared detailed information about the “Master Plan” project — one of the company’s long-term strategic investments — designed to contribute to industrial growth and economic development. The project includes the establishment of new petrochemical production units and modernization of existing facilities.
Reflecting on 2024, SOCAR Türkiye CEO Elchin Ibadov stated: “With all our group companies, we see ourselves as a symbol of the strong economic and social partnership between Azerbaijan and Türkiye. In our 17th year in Türkiye, we have become the country’s largest direct international investor and the biggest integrated industrial group, with total investments exceeding USD 18 billion. We remain committed to ensuring the long-term presence of our strategic investments in Türkiye and continuing to contribute to the economies of both countries. I am pleased to announce that we have officially launched the next phase of the project known as the ‘Master Plan,’ which aims to contribute to the future of the petrochemical industry in Türkiye. We have completed the initial feasibility studies and are now moving into the Pre-FEED stage, followed by the FEED stage, which will involve detailed technical analysis. Once this process is complete, we will finalize decisions for a comprehensive project involving the construction of new process units and the modernization of existing ones.”
Kanan Mirzayev, Head of the Refining and Petrochemical Business Unit of SOCAR Türkiye and General Manager of Petkim, emphasized the strategic importance of the project: “We are proud to announce that we are taking a significant step to support Türkiye’s industrial and economic development. We believe that the decision to be made following the ‘Master Plan’ and subsequent analysis phases will play a critical role in strengthening Türkiye’s industrial infrastructure and increasing production capacity. Through this initiative, SOCAR Türkiye aims to achieve a more efficient, competitive, and environmentally friendly production model. We are confident that the project will further solidify our leadership in Türkiye’s petrochemical sector and strengthen our position as a global player.”