TODAY.AZ / Business

SOCAR plans to implement second petrochemical project in Turkey

20 July 2017 [17:33] - TODAY.AZ

By Azernews


By Sara Israfilbayova

Azerbaijani state oil company SOCAR plans to implement a second petrochemical project in Turkey worth $3 billion until 2023.

In the interview with Anadolu, President of the company Rovnag Abdullayev stressed that this project is scheduled to commence after the completion of the construction of the “Star” refinery.

"At present, SOCAR investments in Turkey have reached approximately $19.5 billion, some of which are invested in the Star refinery,” Abdullayev noted.

He went on to say that it is difficult to say the final investment in the refinery, however, at this stage  $6 billion have already been invested in this project, adding that the construction of the project was completed by 90 percent.

Earlier, Head of SOCAR Turkey Enerji Zaur Gahramanov mentioned that the company is working on a project to create a new chemical enterprise in Turkey and said that most likely it will be a joint venture.

The consolidated turnover of SOCAR Turkey Enerji is expected to reach $15 billion in 2018, and the company will become the second biggest industrial company in Turkey (the first is Koç Holding) with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerkimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

URL: http://www.today.az/news/business/163383.html

Print version

Views: 2227

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: