Baku, Azerbaijan, May 2
By Maxim Tsurkov - Trend:
Azerbaijan state company SOCAR estimates the cost of construction of a new petrochemical complex in Turkey at more than $3 billion, Hürriyet newspaper reports referring to the Head of the Investment Department of Azerbaijan state company SOCAR Vagif Aliyev.
The head of the Department said SOCAR has already started work on the conclusion of licensing agreements in the framework of establishment of the new complex.
"Agreements with BP and Axens have already been signed, and work is underway with other companies. Investments in the creation of the complex will exceed $3 billion, so we appealed to the Turkish government with a proposal to declare the Aliagha Peninsula as a "strategic investment zone". The investment decision on the project will be made in mid-2019, and the recognition of the Aliagha Peninsula as a "strategic investment zone" will facilitate adoption of that decision. Such zones are successfully operating in Singapore," Aliyev said.
The head of the Department noted that SOCAR continues work on the feasibility study of the project.
"We see ourselves as a strategic investor in Turkey. And Turkey also sees us as a strategic investor. SOCAR has invested in Turkey 80 percent of all its foreign investments amounting to $12.6 billion. With the completion of the projects, this amount will reach $19.5 billion. For example, SOCAR has been investing $100 million every year since the day of acquisition of Petkim complex," Aliyev said.
It is expected that in 2018 the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion, and the company will become the second largest industrial company in Turkey with 5,000 employees and $3 billion worth of export potential. It aims to become the largest Turkish industrial company by 2023. The company also owns a controlling stake (51 per cent) in the petrochemical complex Petkim on Aliagha Peninsula.
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