SOCAR Turkey sees increase in assets

Oil&Gas Materials 28 October 2021 16:02 (UTC +04:00)
SOCAR Turkey sees increase in assets

BAKU, Azerbaijan, Oct.28

By Leman Zeynalova – Trend:

Assets of SOCAR Turkey, subsidiary of Azerbaijan’s state oil company SOCAR, stood at 103.7 billion Turkish liras ($10.7 billion) in 2020, as compared to 84.8 billion TL ($8.8 billion) in 2019, Trend reports with reference to the company.

As such, SOCAR Turkey’s assets grew by 22.2 percent year-on-year.

The company’s assets equaled to 48.8 billion TL ($4.9 billion) in 2017 and 61.9 billion TL ($6.4 billion) in 2018.

SOCAR Turkey initiated its business operations in Turkey upon acquisition of 51 percent of the shares of Petkim from the Privatization Administration in 2008.

Drawing attention with its giant projects realized one after another which will have a total investment value of 19.5 billion US Dollars once completed, SOCAR Turkey encompasses the best-in-breed companies such as Petkim, TANAP, STAR Refinery, SOCAR Terminal, Petkim RES (Wind Power Plant), Bursagaz, Kayserigaz, Enervis, SOCAR Enerji Ticaret, Millenicom, SOCAR Ticaret and SOCAR Depolama.

Focusing on its main investment areas, namely petro-chemical products, refining, natural gas trade and distribution, SOCAR Turkey is the first company to get the title of 'Private Industrial Zone' in Turkey for its fields covering most of its investments in Aliaga.

SOCAR Turkey, which has become a symbol of the developing economic cooperation between the fraternal countries of Azerbaijan and Turkey, provides support to enable Turkey to be an influential power across the international energy arena with its investments. Maintaining its investments with the strong belief in the potential and future of Turkey, SOCAR Turkey provides a substantial contribution to the economies of Azerbaijan and Turkey. Having completed the integration process in refinery, petro-chemistry, energy, logistics, distribution and storage, the group is the biggest industrial holding of Turkey.


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