Mammadov emphasized that the investment, just like other projects, will have strategic significance.
“With the start of the facility’s operation, the import of purified terephthalic acid (PTA) into Turkey will be stopped,” Mammadov said. “Today it is produced in Turkey only at the PTA factory, which is a part of Petkim. However, the factory can meet only a part of Turkey’s needs."
"The new investment project will also allow manufacturing paraxylene products in Turkey, which are imported in the country in the volume of 800,000 tons,” he added.
“It is planned to invest $1.8 billion in the project. The territorial work within the project is scheduled to begin in 2020,” Mammadov said. “The final investment decision on the project, which will be implemented by BP and SOCAR Turkey, is planned to be made in 2020, and the facility’s commissioning is planned in 2023.”