An additional $475 million will be invested in the construction of an oil refinery which is being constructed in Turkey's Izmir city, local Turkish media reported on November 28.
Head of SOCAR Turkey Enerji and board member of Petkim Petrokimya Holding Kenan Yavuz said this is the largest one-time investment that has been made in the Turkish economy.
He went on to say SOCAR Turkey Enerji ranks second in industrial production in Turkey.
The Star refinery's processing capacity is projected at 10 million tons of crude oil, and it will be capable of refining such oil grades as Azeri Light, Kirkuk, and Urals.
Some 16 billion cubic meters of gas will be produced in the Shah Deniz Stage 2 development and exported to energy markets. This figure will be increased by one billion cubic meters per year.
Estimated at $5.5 billion, the refinery is mostly intended for creating a resource base for the chemical company Petkim Holding. It will contribute significantly to the economy of the region and the country by creating job opportunities and increasing competitiveness.
Petkim Petrokimya Holding, which is co-owned by SOCAR and Dutch company APM Terminals, is one of the world's leading port operators.
It manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of those products. A quarter of Petkim's products are exported to foreign markets.
SOCAR is one of the world's most well-established oil companies and has been active in Turkey since May 30, 2008.
SOCAR Turkey Enerji aims to cut dependence on foreign goods and exports in Turkey by providing high value-added products made domestically.
Trade turnover between Azerbaijan and Turkey amounted to $2.12 billion in 2012.