Baku, Azerbaijan, June 3
By Emil Ismayilov - Trend:
The volume of investments of the State Oil Company of Azerbaijan (SOCAR) in Turkey, will reach $5 billion by late 2014, the Executive Director of the SOCAR Energy Turkey company, Kenan Yavuz told reporters on June 3 in Baku.
To date, some $3.5 billion was invested in the projects in Turkey and this figure will reach nearly $5 billion by late 2014, according to Yavuz.
He pointed out that the investments made in the privatization and other fields, as well as those made as part of participation in the Petkim petrochemical complex, stood at $2.5 billion.
Around $900 million was spent on the implementation of the project for construction of a new oil refinery in Turkey.
Yavuz underscored that it is planned to commission the new oil refinery of SOCAR in Turkey in late 2017.
He went on to add that the work on construction of a new container port in the territory of the Petkim petrochemical complex is also underway. It is planned to commission the port in August-September, 2015.
Moreover, a solar power plant will also be put into operation in 2015.
The executive director of the SOCAR Energy Turkey company said that the total investment portfolio of Azerbaijan's State Oil Fund (SOFAZ) in Turkey, including in the Trans-Anatolian gas pipeline (TANAP), is $20 billion.