Turkish president approves long-term program on trade and economic cooperation with Azerbaijan (UPDATE)
The details were added (the first version was posted at 11:23 a.m.)
Azerbaijan, Baku, November 12 / Trend /
Turkish President Abdullah Gul has approved a long-term program and plans of actions on trade and economic cooperation between Azerbaijan and Turkey, Resmi Gazete, Turkish official government body, reported on Saturday.
Azerbaijan and Turkey are linked by very close economic relations. Particularly, oil export pipeline Baku-Tbilisi-Ceyhan and the South Caucasian gas pipeline pass the territory of Turkey.
In October, the sides signed a package of gas accords playing an important role in the provision of Azerbaijani gas export to Europe via the territory of Turkey.
In addition, the State Oil Company of Azerbaijan (SOCAR) is the co-owner of Turkey's petrochemical complex Petkim. An oil refinery, a port and a power plant are currently under construction to meet the complex's demand in production. These projects are valued at a total of more than $6 billion.
Apart from the oil and gas industry, Azerbaijan and Turkey intend to establish cooperation in the field of power engineering.
Implementation of the project of electricity bridge Azerbaijan-Georgia-Turkey, now under construction, will provide the opportunity to supply electricity to either Turkey or European markets.
Besides, the sides implement the big transport project: railway Baku-Tbilisi-Kars.
Turkey occupies the first position on investments in Azerbaijani non-oil sector. At the moment, more than 1,000 Turkish companies operate successfully in different branches of Azerbaijani economy.
As the State Customs Committee of Azerbaijan reported, goods turnover between Azerbaijan and Turkey in January-September was equivalent to $1.17 billion, an increase of 1.8 times against the respective period of last year. The value of import and export was $0.9 billion and $0.3 billion, correspondingly.
Azerbaijani entrepreneurs invested a total of $3 billion in Turkey, mostly in petrochemistry and tourism.
Turkey's investments in the economy of Azerbaijan total $6 billion.
So far, Turkish companies signed contracts on 237 projects in Azerbaijan for the total value of $4 billion.