Azernews.Az

Azerbaijani state energy firm Socar`s investments in Turkey will reach $17 billion by 2018, Socar Turkey Enerji`s CEO and board member of the petrochemical complex Petkim Kenan Yavuz has said.

Yavuz told a press conference in Baku on Tuesday that about $9 billion will be invested in the development of a site including construction of a refinery, a power station (worth $1 billion) and a container port ($300 million). The rest of the investments will be made in the TANAP gas pipeline project, which envisions supplies of Azerbaijani gas to European markets through Turkey.

At present preparations are underway to start building the refinery. The total capacity of the refinery is 10 million tons and oil products produced at the plant will meet the needs of Petkim, the largest Turkish petrochemical complex, and the Turkish domestic market.

On March 30, Socar Turkey Enerji A.S and Socar International DMCC OGG acquired a 10.32 percent stake in Petkim, increasing the stake up to 61.32 per cent.

Some 38.67 percent is in free circulation on the Istanbul Stock Exchange.

Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents, and is the only Turkish producer of such products, a quarter of which is exported.