Published On: Sat, Dec 17th, 2016

Socar and Arab countries grow interest in investing in Turkey


Azerbaijan’s state oil company SOCAR and Arab countries look to seize investment opportunities in Turkey in a wide variety of industries with projects that will facilitate the reduction of the current deficit. With more and more businesspeople placing their confidence in Turkey’s investment environment, this illustrates a more lucrative and prosperous future for the country.

Rovnag Abdullayev, the president of The State Oil Company of Azerbaijan Republic (SOCAR), said their investments in Turkey will exceed $18 billion. He said the overall progress at the SOCAR Turkey Aegean Refinery or STAR Refinery project, on which the company has spent more than $3.7 billion so far, has reached 80 percent.

Noting that they were in talks with banks to provide external financing for The Trans-Anatolian Natural Gas Pipeline (TANAP), Abdullayev said, though not yet finalized, they expect a contribution of about $4 billion to the project. Speaking to Anadolu Agency regarding SOCAR’s investments and activities in Turkey, Abdullayev expressed his deepest condolences over the recent terrorist attack in Istanbul, saying it was not only an attack against the Turkish people, but against all of humanity.

He said the SOCAR believes in Turkey and the Turkish economy, and that its investments, which are expected to exceed $18 billion, was the greatest proof of this trust. Suggesting that the reduction of the current deficit and energy imports, one of the most important problems of the country, will be provided with a significant support upon the completion of the projects in Turkey, Abdullayev said, “We have faith in Turkey to take its place among the leading nations in the world, particularly in the region, with its deeply rooted state tradition, strong democracy understanding, and a rapidly growing economy.”


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