Baku, Azerbaijan, April 5
By Rufiz Hafizoglu - Trend:
SOCAR's investments in Turkey are the largest direct investments, SOCAR Turkey Enerji head Kenan Yavuz was quoted on April 4 by the Turkish newspaper Media73 as saying.
"SOCAR's direct investments exceeded the investments worth $ 14.9 billion made in the Turkish economy during 1923-2003.
He also stressed that it is possible that SOCAR's investments in Turkey's economy will reach $ 20 billion as a result of implementing a number of projects.
"While implementing the projects in the power engineering and petro-chemistry, Azerbaijan became Turkey's largest foreign investor," Yavuz added.
SOCAR Turkey Enerji ranks second in Turkey's industrial production.
SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent on March 30, 2012. Some 38.68 percent of the shares are in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents being the only Turkish producer of such products. The holding exports a quarter of its products.
translated by NH