SOCAR plans to make additional investment in Turkey

According to media reports, Azerbaijan’s state-run energy company SOCAR is planning to make an additional investment in Turkey for petrochemical products. The exact amount of the possible investment is not yet clear but it is likely to be worth up to $3 billion.

The company said they are in talks with the government about the possible investment and the projected facility could become a second PETKIM.

SOCAR has invested around $11 billion in Turkey in the last ten years and the company’s investments are expected to reach $18 billion by 2020.

Among the company’s investments are Star refinery, which is expected to be completed in İzmir in 2018, and a wind power plant in Petkim’s area, which will meet approximately the 30% of the energy needs of the Aliağa district. The company also said that they were interested in the sales of Petrol Ofisi in order to take part in fuel supply business but they could not agree on the price and that they can consider building a new company for this purpose or buy another company.

SOCAR is a majority stakeholder of Turkish petrochemical maker, Petkim.