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SOCAR reveals volume of investments in Turkey

Oil&Gas Materials 28 July 2020 17:47
SOCAR reveals volume of investments in Turkey

BAKU, Azerbaijan, July 28

By Leman Zeynalova - Trend:

SOCAR Turkey has to date invested a total of $16.5 billion of the planned $19.5 billion in Turkey, Murat LeCompte, Chief External Affairs Officer at SOCAR Turkey, told PETROTURK, Trend reports.

“SOCAR is the largest foreing investor in Turkey. SOCAR entered Turkish market in 2008 with privatization of Petkim and since then the company made big investments in Turkey,” he said.

LeCompte noted that after the privatization, SOCAR made significant amount of investments in Petkim.

“Around $100 million per year worth investments were made in Petkim, which totals about $1 billion,” he said.

LeCompte went on to add that investments in Star refinery stood at $6.3 billion.

“With additional investments this year and 2021 this figure will reach $7 billion. TANAP’s investment were $7 billion. Other investments include SOCAR Aliaga Terminal, the largest Integrated Port of the Aegean Region and acquisition of German EWE's subsidiaries.

The petrochemical products, produced by Petkim, are used in several industrial branches such as automotive, electrics, electronics, agriculture, packaging, textile, pharmaceutics, paints, construction, detergent and cosmetics.

The opening ceremony of the Star oil refinery took place on October 19, 2018 in Izmir, Turkey. Its refining capacity is 10 million tons of crude oil per year.

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