SOCAR to increase investments in Turkey
Azerbaijan’s state oil company SOCAR has a full confidence in Turkey and will continue to implement projects and invest in the country, Anadolu Agency quoted SOCAR’s President Rovnag Abdullayev as saying. Business 5
Azerbaijan’s state oil company SOCAR has a full confidence in Turkey and will continue to implement projects and invest in the country, Anadolu Agency quoted SOCAR’s President Rovnag Abdullayev as saying.
Abdullayev expressed his condolences for those who died in struggle against the military coup attempt in Turkey. He added that military coup attempts, which are unacceptable in modern societies, weaken democratic environment and causes a great harm to the economic development.
“We fully trust in the government, will of people, economy and stability of this country," he added.
A group of servicemen announced about transition of power to them on the evening of July 15. However, the rebelling servicemen started to surrender on July 16 and Turkish authorities announced that the coup attempt failed. More than 240 people have been killed as a result of the coup attempt.
Highlighting the activity of SOCAR in Turkey, Abdullayev said that the company will continue realization of projects, including the Star refinery, with the total worth of $18 billion in Turkey. The projects are aimed at meeting energy needs of Europe.
Star Oil Refinery, which will be the first oil refinery built by the private sector in Turkey, is expected to be completed in 2018. The total cost of the project is estimated at $5.7 billion. It is expected to contribute significantly to the region's and country's economy by creating job opportunities and increasing competitiveness.
“The largest container port in the Aegean Sea also will be launched by SOCAR in a very short time. At the same time, our activity in Petkim, Turkey's only petrochemicals producer, is a symbol of our confidence in Turkey’s economy,” Abdullayev said.
Abdullayev underlined that SOCAR’s investments in Turkey will also continue to increase in future.
SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under name of SOCAR Turkey.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, as well as oil and chemical products in domestic and international markets, and supplying natural gas to the industry and the public in Azerbaijan.