SOCAR announces amount of own investments in 2011
Azerbaijan, Baku, Oct. 14 / Trend S. Suleymanov, E. Ismayilov /
The amount of SOCAR investments in 2011 in the internal and external projects will hit $1,5 billion, a senior official of the company said.
"According to the preliminary data, we plan to invest about $1.5 billion in the internal and external projects," SOCAR representative said.
SOCAR's share holding in Turkish large petrochemical complex Petkim is its largest investment outside the country.
SOCAR's alliance with Turcas Petrol / Injaz Projects has won a tender in 2008 to sell 51 percent stake of chemical concern Petkim, proposing $2.04 billion. Turkey imports 70-75 percent of the necessary chemical products. Investments of SOCAR / Turcas / Injaz made to the development of Petkim will reduce imports by 30 percent.
SOCAR representative said that Petkim invests in production about $60 million.
SOCAR expects huge investments within the construction of a new refinery in Turkey near the complex Petkim.
SOCAR representative said that a new refinery will be commissioned in Turkey in the spring of 2011. According to the plans, the construction work will be completed in 2014.
A new refinery is built to meet the needs of the Turkish petrochemical complex Petkim. The construction of the plant involves making investments to the amount of $3,5-5 billion.