Azerbaijan, Baku, Sept.30 / Trend, E. Ismayilov /
During the period from 2007 to 2011 investments of the State Oil Company of Azerbaijan (SOCAR) in projects in Georgia and Turkey will be more than $2 billion.
The forecasts announced on SOCAR's official stand at the national exhibition "Azerbaijan - 20 years of independence". The exhibition dedicated to the 20th anniversary of the restoration of Azerbaijan's state independence, was held from Sept. 27 to 29 at the Baku Expo Exhibition Center.
Some $1.66 billion of total investments will account for major Turkish petrochemical complex Petkim, in which SOCAR has share, the report says.
The alliance between SOCAR and Turcas Petrol /Injaz Projects won a tender in 2008 to buy a 51 percent stake in chemical projects, offering $2.04 billion. Now Turkey imports 70-75 percent of its needed chemical products. Investments in the development of Petkim will reduce imports by 30 percent.
In summer 2011 SOCAR increased its share in JV SOCAR&Turcas, which manages the complex, from 51 to almost 75 percent.
The remaining part ($ 470 million) of investments envisaged for this period will be spent on projects implemented by SOCAR in Georgia. In particular, they include investments in Black Sea Oil Terminal in Kulevi, forming a system of gas stations and distribution networks.
Today, SOCAR has a large network of gas stations in Georgia (70). The company manages 30 gas-distributing enterprises in Georgia and implements a gas program here.