SOCAR to increase investment in Turkey (Exclusive)
Baku, Azerbaijan, Jan. 29
By Sara Israfilbayova - Trend:
Investments of the Azerbaijan State Oil Company SOCAR in Turkey will reach $19.5 billion in the future, Director General of SOCAR Turkey Zaur Gahramanov said in an interview with Trend.
The director general noted that from 2008 to date, the volume of SOCAR's investments in Turkey amounted to $14.2 billion.
SOCAR's investments in Turkey will expand economic cooperation between Azerbaijan and Turkey and significantly reduce Turkey’s dependence on imports of petrochemical products, he said.
He also noted that SOCAR will play a crucial role in making Turkey an important player in the global energy market.
The general director noted that Azerbaijan, being a country whose geographic and geopolitical power is growing every day, is aimed at further strengthening its power in the international arena with the help of Turkey.
SOCAR is represented in Turkey by its subsidiary SOCAR Turkey Energy. So far, SOCAR Turkey Energy has invested over $14 billion in the Turkish economy. Meanwhile, 5,000 people work in the company, while the annual export potential reaches $3 billion. Among SOCAR’s current assets in Turkey are the Petkim petrochemical complex, the STAR refinery and the Petlim port.
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