BAKU, Azerbaijan., July 9.Azerbaijan's state
oil company SOCAR and Technip Energies Italy S.p.A. have signed a
memorandum of understanding, SOCAR said.


The document envisages the identification of potential areas of
cooperation within the framework of the Petkim Master Plan
project.


The agreement was signed during a meeting between SOCAR
President Rovshan Najaf and Technip Energies Italy Chief Executive
Carlo Corso.


"The companies discussed expanding cooperation in petrochemical
projects, including the use of flexible feedstock solutions aimed
at improving productivity and energy efficiency. They also reviewed
opportunities for Technip Energies Italy to participate in SOCAR's
international projects and explored potential partnerships in green
energy and decarbonization initiatives", SOCAR said.


SOCAR and Technip Energies highlighted their long-standing
cooperation and the need to identify new areas of collaboration to
deepen commercial ties, the statement said.







PETKİM PETROKIMYA HOLDING said it has advanced to a new phase of
the work being carried out under its master plan announced in
December 2024, according to a filing with Turkey's Public
Disclosure Platform (KAP).


"Pre-FEED (pre-front-end engineering design) stage for the
project was completed successfully at the end of 2025. The project
includes the construction of new ethylene, polypropylene, and high-
and linear low-density polyethylene units, as well as the
modernization of the existing aromatics complex, phthalic anhydride
and low-density polyethylene units, and supporting facilities,"
reads a message from Petkim.


Petkim said it has now begun preparations to move into the FEED
(front-end engineering design) phase, regarded as one of the most
critical engineering stages before a final investment decision. It
is planned to finalize FEED-related agreements in the third quarter
of 2026, after which engineering work is expected to begin.


"The FEED stage is one of the most important phases in
large-scale industrial projects prior to a final investment
decision. During this stage, the project's technical design,
technologies, engineering solutions, cost estimates, implementation
plan, and economic feasibility will be assessed in detail. The
results of the FEED work will provide the technical and commercial
basis for any future investment decisions under the master plan,
while reiterating that implementation of the investment remains
subject to further evaluations and regulatory approvals," the
company added.