SOCAR eyes Turkish gas networks
Azerbaijani state energy firm SOCAR intends to purchase gas networks in Turkey, a company executive was quoted by Turkish media as saying.
Vagif Aliyev, head of investments at SOCAR, said that Azerbaijan is seeking to sell the gas being transported to the neighboring country to domestic consumers itself.
"In keeping with this plan, we are going to enter the gas distribution networks sector in Turkey. Accessing this sector will be of great advantage to us," Aliyev said.
He noted that SOCAR plans to invest $15 billion in Turkey by 2025. The funds will be spent to set up a petrochemicals facility on the peninsula where Turkey’s Socar-controlled petrochemicals company Petkim is located. A power plant and wind power facilities will be installed in the area, according to the SOCAR official.
Turkish-Azerbaijani joint venture Socar-Turcas, in which SOCAR holds 75 percent, has 51 percent of stock in Petkim, Turkey’s largest petrochemicals group.
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