SOCAR reveals plans for Turkish market
By Gulgiz Dadashova
Azerbaijan’s state energy giant SOCAR intends to increase the share of Petkim petrochemical complex in Turkey’s market by 40 percent by 2023.
President of SOCAR Rovnag Abdullayev made the remarks during the B20 Regional Consultation Forum in Baku on May 12.
Petkim Petrokimya Holding, in which SOCAR owns shares, manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer manufacturing such products and exports a quarter of its products.
He further noted that STAR refinery that is being constructed by SOCAR in Turkey will be commissioned in the second quarter of 2017.
Earlier it was reported that SOCAR will use $500m of bond proceeds to finance Star refinery in Turkey, with remainder allocated to paying off bonds sold in 2012.
Seven export-credit institutions from six countries, 13 international commercial banks, as well as two development banks and one Turkish bank are participating in the project financing. The first private refinery in Turkey of $3.29 billion worth.
Abdullayev added that the oil and gas pipelines constructed in a short time also play an important role in the transportation of oil to the global markets from Turkmenistan and Kazakhstan.
Azerbaijan today fully ensures its energy security and makes a significant contribution to ensuring the energy security of Georgia and Turkey, Abdullayev said.
“SOCAR also takes serious steps in ensuring EU energy security,” said the company’s president, adding that despite the instability on the global energy resources’ market, this work continues.
SOCAR is the sole producer of petroleum products in Azerbaijan. It has gas filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland. The State Oil Company exported 1.2 million metric tons of petroleum products from Azerbaijan in 2014, compared to nearly 1.05 million metric tons in 2013.
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