By Ayya Lmahamad
Azerbaijan’s State Oil Company implemented investment projects worth over $13 billion in Turkey in recent years, the company’s president Rovnag Abdullayev said during the meeting with Turkish Ambassador Erkan Ozoral.
During the meeting, the parties exchanged views on expanding economic cooperation between the two countries and SOCAR’s role in this process. Abdullayev noted that most of the company’s assets are located in Turkey.
Moreover, he emphasized that SOCAR has always supported strategic projects implemented by Turkey.
Abdullayev thanked the ambassador for this contribution to the development of relations between the two countries.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.
The company owns two refineries in Azerbaijan, one in Turkey, as well as networks of petrol stations in Azerbaijan, Turkey, Georgia, Romania and Switzerland.
Azerbaijan and Turkey cooperate in various fields of economy. Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of Azerbaijani-Turkish cooperation in the economic, trade and other spheres. Moreover, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.
Turkey was Azerbaijan's second-largest trading partner in 2020, with a trade turnover of $4.1 billion. The export from Azerbaijan to Turkey amounted to $2.5 billion, while the import from Turkey amounted to $1.5 billion. In addition, the total turnover between the two countries amounted to $541.1 million with the export of $302.6 million and the import of $238.4 million in January-February 2021.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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