SOCAR eyes to increase investments in Turkey

By Trend:

The value of investments of Azerbaijan’s state oil company SOCAR in Turkey will reach $19.5 billion, director general of the STAR oil refinery of SOCAR, Mesut Ilter, told the Turkish media Jan. 5, Trend reports.

Speaking about current projects, Ilter noted that the STAR refinery (one of SOCAR’s assets in Turkey) intends to reach a full capacity by the end of 2019.

SOCAR is represented in Turkey by its subsidiary company, SOCAR Turkey Enerji, which is one of the largest industrial companies in the country with 5,000 employees and $3 billion of export potential.

The company, also owning the STAR refinery, has a controlling stake (51 percent) in the authorized capital of the petrochemicals complex Petkim, situated on the Aliaga Peninsula.

In late December 2018, BP and SOCAR Turkey Enerji signed a heads of agreement (HoA) to evaluate the creation of a joint venture that would build and operate a world-scale petrochemicals complex in Turkey. The facility will also be located in SOCAR Turkey Enerji’s Private Industrial Zone in Aliaga.

SOCAR also plans to purchase Turkish assets of the German energy giant EWE and build nine filling stations at Istanbul’s new airport.