BAKU, Azerbaijan, Dec.11
By Fidan Babayeva - Trend:
Azerbaijan's largest foreign direct investments in Turkey, currently meeting 18 percent of the partner country's petrochemical feedstock demand, are related to ongoing projects of SOCAR Turkey, Trend reports citing comments of Amina Bayramova, expert of the Center for Analysis of Economic Reforms and Communication (CAERC).
Bayramova noted that SOCAR Turkey has also signed many contracts that are important for ensuring the energy security of Turkey and the region.
"These investments mainly cover the petrochemical and natural gas sector. An example of such projects is the STAR refinery, which was built in the Turkish port of Aliaga in Izmir province in 2019 with an investment of $6.3 billion, and it currently satisfies 25 percent of Turkey's demand for primary refined oil," she said.
According to her, the activity of this plant, which produces liquefied petroleum gas and aviation fuel, promises the brotherly country an annual saving of about $1.5 billion.
Turkey's trade with Azerbaijan in October 2020 grew by over $87.2 million compared to the same period of last year, exceeding $264.4 million.
The trade turnover between the two countries from January through October 2020 was by nearly $201.6 million more than in the same period of last year, amounting to $1.8 billion.
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