SOCAR to invest $17 billion in Turkey’s projects

Azerbaijan, Baku, June 5 / Trend E. Ismayilov / By 2018, SOCAR's volume of investments in Turkey will reach $17 billion, head of SOCAR Turkey Energy and board member of the petrochemical complex Petkim Kenan Yavuz said at a press conference in Baku today. He said that about $9 billion will be invested in the development of the site including construction of a refinery, a power station (worth $ 1 billion) and a container port ($300 million). The rest of the investments will fall to the TANAP gas pipeline project. At present preparation work is underway to start the refinery construction. The total capacity of the refinery is 10 million tons and oil products produced at the plant will be delivered to meet the needs of the chemical concern Petkim and the Turkish domestic market. On March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 per cent stake in Petkim, increasing the stake up to 61.32 per cent. Some 38.67 per cent is in free circulation on the Istanbul Stock Exchange. Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents, being the only Turkish producer of such products, a quarter of which the company exports. Do you have any feedback? Contact our journalist at agency@trend.az