Local banks to take part in funding SOCAR projects in Turkey
Azerbaijan, Baku, 29 March / Trend A.Taghiyeva /
Turkish banks are showing interest in SOCAR's (State Oil Company of Azerbaijan) projects in Turkey and plan to take part in the financing, head of SOCAR Turkey Enerji and board member of the Petrochemical Holding Petkim, Kenan Yavuz said in an interview with Vatan newspaper on Friday.
According to him, of $17 billion that will be invested in the Turkish economy by SOCAR, only 30 per cent will be financed through equity and the remainder will be drawn from the Turkish banks.
"Nearly $12 billion will be invested by Turkish banks," Yavuz said.
Yavuz noted that Turkish banks in particular, are interested in such projects as the Trans-Anatolian pipeline (TANAP) and construction of the Star refinery and container port.
Earlier, on March 18, a delegation of representatives from 13 Turkish banks held a series of meetings in Baku. SOCAR president Rovnag Abdullayev met with the heads of leading banks and financial institutions of Turkey, that include İş Bankası, Finansbank, Garanti Bankı, Ziraat Bankı, Vakıfbank, TSKB, Yapıkredi, Denizbank, Unikredit, and TEB, Akbank, Halkbank.
During the meeting, Abdullayev informed the guests about the history of oil production in Azerbaijan, briefed them about the creation of SOCAR and activities undertaken by the company over the years noting that SOCAR conducts investment projects in Azerbaijan and Turkey, Georgia, Romania, Switzerland and other countries. Abdullayev expressed confidence that future investment projects of the company will involve Turkish partners as well.