TPAO invests $308 mln in Azerbaijan in 2008
Azerbaijan, Baku, March 3 / Trend , E.Ismayilov/
Turkey invested in Azerbaijan a total of $3.277 billion by the end of 2008, Advisor for Economic Affairs to the Turkish Ambassador in Azerbaijan Jahid Buyukturk said in an interview with the Business Time magazine.
The largest investments were made in the energy sector. Turkish oil company TPAO invested $308 million in 2008, raising the total investments in this sector up to $3.2 billion.
TPAO is involved in many energy projects the country, particularly in development of the Azeri-Chirag-Gunashli fields (6.75 percent), development of the Shah Deniz field (9 percent) and in the Alov field project (10 percent). TPAO is also involved in the Baku-Tbilisi-Ceyhan pipeline project (6.53 percent) and Baku-Tbilisi-Erzerum gas pipeline (9 percent). Overall in 2008, TPAO invested $308 million in energy projects in Azerbaijan and paid $142 million of taxes, said Buyukturk.
The number of Turkish companies in Azerbaijan is about 400. Investments in Azerbaijan are expected to increase even more.
Investments were mainly put invested in the oil, construction, telecommunications, banking, insurance, transport, logistics, food, textile, furniture and other sectors.
The State Oil Company of Azerbaijan Republic (SOCAR) and PALMALI are expected to sign a contract to purchase a 50-percent share in the Turkish company Tekfen Inshaat in 2009, he said. The transaction is worth $520 million.
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