Azerbaijan to provide stable incomes for future generations

Azerbaijan, Baku, Oct. 19 /Trend, A.Tagiyeva/

SOCAR-Turcas Company's project to build a new refinery in Turkey is an important project after the Baku-Tbilisi-Ceyhan pipeline project implemented by Turkey and Azerbaijan, analyst at the International Development Research Center of Turkey (USAK) Hassan Selim Ozertem told Trend in a telephone conversation on Wednesday.

SOCAR-Turcas JV, in which SOCAR (State Oil Company of Azerbaijan) has a 75 percent share, owns 51 percent of shares of the largest Turkish petrochemical complex Petkim. The new refinery will be primarily focused on providing raw material for this complex.

According Ozertem, construction of a refinery in Izmir is not accidental, since this city is one of the most important ports of the Aegean Sea and Eastern Mediterranean, and it serves the interests of the market economy of Azerbaijan.

Ozertem believes that building a new refinery on the backdrop of rising oil prices and increasing demand in the oil market will have a positive impact on the energy sector between the two countries.

"The construction of oil refinery serves the economic interests of both Turkey and Azerbaijan," said the expert.

According to him, the construction of refinery in Turkey means huge investments that will revitalize the country's investment sector.

The foundation of the new refinery worth $5.5 billion, which will be built by SOCAR in the Turkish city of Izmir is expected to be laid on Oct. 25. Refinery's capacity will amount to ten million tons per year. Oil products manufactured at the plant will be directed to cover the needs of Petkim, the domestic market of Turkey and the countries of the Mediterranean region.

According to expert from the Turkish Union of Engineers Erol Unal, construction of a refinery in Turkey and investments in this project are a step to the right and rational use of energy resources in Azerbaijan.

"The main concern of oil-producing countries is the correct distribution of income and the creation of such an infrastructure, which could generate income for future generations. Azerbaijan pursues a right policy in this regard and tries to provide future generations with a stable income," Unal told Trend by telephone on Wednesday.

According to expert, another important point is SOCAR's transformation into a leading player in the global energy market. "Turkey is a country that has a strong economic sector. Azerbaijan's investment in energy sector of Turkey will open additional chances for the country to become a leading player in the global energy market," said Unal.

President of SOCAR Rovnag Abdullayev said earlier that SOCAR's construction of a new refinery in Turkey will be the largest investment that will be invested in this country over the next five years.

In 2008, an alliance of SOCAR (State Oil Company of Azerbaijan) with Turcas Petrol / Injaz Projects has won a tender to sell 51 percent stake in chemical company Petkim, inviting him for 2.04 billion dollars. Turkey currently imports 70-75 percent of the necessary chemical products, and investment SOCAR / Turcas / Injaz in development of Petkim will reduce import up to 30 percent.

In 2010, Petkim production reached a record 3.24 million tons of oil, exports amounted to 531 million dollars. Petkim also has the ability to produce 226 megawatts of electricity through steam and gas turbines.

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