SOCAR not to conduct exploration of hydrocarbons in Mediterranean
By Aynur Jafarova
Azerbaijan's state energy company SOCAR has no agreements with Turkey on conducting exploration of hydrocarbons in the Mediterranean Sea, SOCAR told Trend Agency on November 4.
Earlier, Greek media outlets reported that Azerbaijan jointly with Turkey will hold exploration of hydrocarbons near the coast of Cyprus, which is the third largest island in the Mediterranean Sea.
SOCAR said the issue of joint hydrocarbons exploration is not being considered today.
SOCAR is one of the world's most well-established oil companies, active in Turkey since May 30, 2008. SOCAR is involved in a number of major investment projects in Turkey, including the construction of TANAP, Star refinery, and others. The volume of investment of SOCAR in Turkey's economy will reach $5 billion by late 2014.
Turkey is a key partner of Azerbaijan in the energy sector. The two countries, in particular, are linked by the Baku-Tbilisi-Ceyhan oil pipeline and the South Caucasus Pipeline.
As part of the delivery of Azerbaijan's gas to the European market, it is planned to build the Trans-Anatolian (TANAP) pipeline project, which will supply gas to Turkey's border with Europe.
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