SOCAR to purchase, sell and import liquefied gas to Turkey
By Aynur Jafarova
SOCAR Turkey LNG received a license for the purchase, sale and import of liquefied gas and export of natural gas in Turkey.
The news was announced by the Turkish Energy Market Regulatory Authority (EPDK).
The license was issued for the period of 30 years, EPDK said.
Azerbaijan and Turkey's relations have always been strong due to a common culture and history and the mutual intelligibility of Turkish and Azerbaijani languages.
Turkey was the first country in the world to recognize Azerbaijan's independence in 1991 and has been a staunch supporter of Azerbaijan in its efforts to consolidate its independence, preserve its territorial integrity, and realize its economic potential that arises from the rich natural resources of the Caspian Sea.
The countries share a short 8 kilometer-border, with the Aras River separating Turkey from the Nakhchivan exclave.
Economic projects, implemented between Azerbaijan and Turkey, are bringing these countries together and strengthening their cooperation. These two countries are connected by several important regional projects, including the Baku-Supsa, Baku-Tbilisi-Ceyhan oil pipelines, Baku-Tbilisi-Erzurum gas line, and Trans-Anatolian gas pipeline (TANAP).
Azerbaijan and Turkey's economies and cooperation have reached a high level.
SOCAR is one of the world's most well-established oil companies, active in Turkey since May 30, 2008. SOCAR is involved in a number of major investment projects in Turkey, including the construction of TANAP, Star refinery, and others.
SOCAR's investments in Turkey are its largest direct investments. It is possible that SOCAR's investments in Turkey's economy will reach $20 billion as a result of implementing a number of projects.