SOCAR - biggest direct investor in Turkey
Azerbaijan, Baku, April 4 / Trend, A.Taghiyeva /
At this stage the State Oil Company of Azerbaijan (SOCAR) is the biggest direct investor in Turkey's economy, Petkim Petrochemical Holding board chairman Vagif Aliyev said at the ceremony marking the 47th anniversary of the holding's establishment, Petkim said on Wednesday.
"By late 2017 SOCAR's investments in Turkish economy will reach $17 billion," Aliyev, who is also SOCAR Foreign Investment Department head, said.
He said in addition to investments in Petkim Holding, SOCAR also intends to make major investments in other sectors of Turkish economy.
According to the Petkim Company's general manager Hayati Ozturk, within the next few years Petkim will become a leader of Turkey's power industry complex.
Earlier, on March 30 Socar Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired 10.32 percent stake in Petkim, increasing its stake to 61.32 percent. Some 38.67 percent are in free circulation in the Istanbul Stock Exchange.
The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.