Azerbaijan’s SOCAR plans to invest USD 10 billion in Turkey

Turkey and Azerbaijan have had very strong and friendly relations throughout their histories.

These close ties have also played a very important role in business and political relations between two countries.

Turkey is a very powerful ally in the Middle East (and eastern Europe) and Azerbaijan owns huge oil sources.

It has been quite usual to see powerful joint projects between two countries recently and  in the oil sector in specific.

Within this framework it is reported that Azerbaijan is getting prepared to start another huge investment in Turkey.

Based on the statement made by Vice President Suleyman Gasimov, Azeri SOCAR plans to invest up to USD 10 billion in energy projects in Turkey over the next eight years.

Speaking at a conference in Baku, Gasimov said the investment total does not include expenses for the new Trans-Anatolian Pipeline Project (TANAP).

SOCAR owns a 61 percent stake in Turkey’s largest petrochemical company, PETKIM. The company is building a USD 5 billion refinery at PETKIM site in Aliaga, Izmir.

16.06.2012
Editor, BTT