SOCAR investments in Turkey to reach $19.5B
By Sara Israfilbayova
Azerbaijan’s energy giant SOCAR plans to invest about $19.5 billion in its projects in Turkey.
Head of the external relations department at SOCAR Turkey Enerji A.S. Murat LeCompte said that SOCAR is one the major foreign investors of Turkey.
“The main goal of SOCAR Turkey Enerji A.S. is to turn Turkey into one of the most important world energy corridors to the 100th anniversary of the Turkish Republic,” LeCompte added.
LeCompte noted that among the projects of SOCAR Turkey Enerji A.S. are such projects as Petkim, Petlim, "Star" oil refinery, which will start operating in 2018 and TANAP, the first gas deliveries by which will start in 2018 as well.
He added that the volume of investments at the moment amounts to $12.6 billion.
SOCAR began its activity in Turkey after privatization of Petkim Holding in 2008 and has been operating under brand name of SOCAR Turkey. The company was acquired by SOCAR as a result of a tender of privatization.
Petkim shareholders include SOCAR Turkey Petrokimya A.Ş. with a share of 51 percent, SOCAR Turkey Energy with 1.32 percent and 47.68 percent within free float.
It is expected that in 2018, the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion 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.
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