Azerbaijan ‘to turn into Turkey’s biggest investor’
BAKU – Azerbaijan will become the biggest investor in Turkey within the next ten years, says Kenan Yavuz, CEO of petrochemicals maker SOCAR-Turcas and a board member at Turkey’s largest petrochemicals group Petkim.
51 percent of Petkim’s stock is owned by the Azerbaijani state oil company SOCAR and Turkish energy company Turcas.
"Turkey is in need of raw materials, while Azerbaijan needs access to world markets," Yavuz was quoted as saying by the Milliyet newspaper. "Turkey has the most attractive domestic market next only to China."
According to him, SOCAR-Turcas and Petkim have developed joint strategic plans outlining their operations for the periods until 2015, 2020 and 2040.
"Until 2015 SOCAR-Turcas and Petkim’s joint investments will make up $5 billion. In 2020, Petkim will be the biggest industrial producer in Turkey. We plan to fill the ranks of the top ten [companies] in Europe on production levels in 2030."
Earlier, Vagif Aliyev, head of foreign investment at SOCAR and chairman of Petkim’s board of directors, said SOCAR planned to increase its investments in Petkim. He said that by 2023 SOCAR-Turcas intends to invest up to $20 billion in the Turkish company.
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