SOCAR reveals volume of investments made in Turkey
Baku, Azerbaijan, Dec.20
By Leman Zeynalova – Trend:
Currently, Azerbaijan’s state oil company SOCAR is the biggest foreign investor in Turkey, SOCAR told Trend.
“Our investment portfolio in this country totals up to $19.5 billion, with $14.2 billion invested so far. This investment allows Azerbaijan to benefit from the immense potential of the Turkish market. It will generate billions of revenues for Azerbaijan in the years to come,” said the company.
SOCAR said its acquisitions in Turkey granted the company open access by sea to the world markets through its Aegean port terminal.
“With the development of these projects Azerbaijan and Turkey are further strengthening their political and economic ties, growing as a unity into a major energy hub on the crossroads of the continents,” the company said.
SOCAR started its operations in Turkey as the largest shareholder of PETKİM by the name of SOCAR Turkey Enerji A.Ş. in May 30, 2008.
SOCAR defines its main investment fields in Turkey as natural gas trade and distribution, oil refinery and distribution, production and trade of petrochemicals and relevant operations to support these areas.
Additionally, SOCAR is the principal partner of the Trans-Anatolian Natural Gas Pipeline (TANAP) project, the longest line of the Southern Gas Corridor, an infrastructure project, planned to carry natural gas to Europe and Turkey from the Caspian Sea region resources.
SOCAR has built STAR oil refinery, the opening ceremony of which took place on October 19 in Izmir, Turkey.
The total refining capacity of the refinery will be 10 million tons, and Azerbaijan’s state oil company SOCAR is the main supplier of crude for the refinery. The refinery will significantly reduce the dependence of Turkey on imports of petrochemical products.
The refinery worth $6.3 billion, built by SOCAR in the Aliaga District of Izmir, will produce 1.6 million tons of naphtha, 1.6 million tons of aviation fuel, 4.8 million tons of low-sulfur diesel, 700,000 tons of petroleum coke, 420,000 tons of mixed xylene and 160,000 tons of sulfur.
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